Amazon Wrote A Letter To SEBI, Stock Markets

Amazon wrote a letter to SEBI, stock markets; Urged to keep the arbitration court’s interim decision in mind over the Future Group-RIL deal.

Veteran e-commerce company Amazon wrote a letter to market regulator Sebi and the stock markets.

According to sources, in this letter, the company has urged SEBI and the stock markets to take into account the interim decision of the Singapore arbitration court in the deal case involving Future Group and Reliance Industries (RIL).

The arbitration court in its interim order, while reviewing the Rs 24,713 crore deal between Future Group and Mukesh Ambani-led Reliance Industries, has stayed it.

According to sources, Amazon has shared a copy of the interim order with the Indian Securities and Exchange Market (SEBI), BSE, and the National Stock Exchange (NSE).

The proposed deal between Future Group and RIL is subject to the approval of various regulatory authorities. It also includes the approval of SEBI and the Competition Commission of India (CCI).

According to sources, Amazon has written that given the importance of contract-related obligations, it is important that SEBI and other authorities keep in mind the interim order of the Singapore arbitration court while reviewing the proposed deal.

Amazon denied any comment about this.

On Sunday, the Singapore-based single judge’s arbitration forum delivered an interim verdict in favor of Amazon and stayed the final decision on the Future-Reliance Industries deal.

Sensex gained up to 200 points in early trade on Friday due to buying in shares of companies like Reliance Industries, TCS, and HCL Tech amid positive signals from US stock markets.

The 30-share BSE-sensitive index Sensex was trading at 39,952.53 points, up 202.68 points, or 0.51 percent. Similarly, NSE Nifty was trading at 11,734.80 points with a gain of 64 points or 0.55 percent.

By the time the news was written on Sensex, NTPC shares were witnessing the highest increase of 2.14 percent. Apart from this, shares of HCL Tech rose 2.13 percent and Nestle India shares rose 2.12 percent.

Apart from these, shares of UltraTech Cement, ONGC, Tech Mahindra, Reliance, ITC, Bajaj Auto, SBI, HDFC Bank, Mahindra & Mahindra.

HDFC, Infosys, Asian Paint, Titan, Tata Steel, IndusInd Bank, Bajaj FinServ, and Larsen & Toubro. Trading was done with a green mark.