Delhi High Court Dismisses FRL’s Plea Against Amazon

Delhi High Court dismisses FRL’s plea seeking injunction order against Amazon.

The Delhi High Court on Monday dismissed the Kishore Biyani-led Future Retail Limited (FRL) petition seeking an injunction order against Amazon.

Future Retail had petitioned Amazon to stop writing letters to SEBI, CCI, and other regulators against the deal between Future Retail and Reliance Industries.

Earlier, in the hearing of 20 November, the Delhi High Court reserved its decision. During the hearing on 20 November, the court directed both the parties to present their arguments.

Explain that the dispute is related to selling all of its retail wholesale and warehousing business of Future Retail to Mukesh Ambani-owned Reliance Industries for Rs 24713 crore.

On the other hand, Amazon has an indirect stake of 5 percent in Future Retail. Amazon had challenged the deal with Future Group’s Reliance in a Singapore court.

On October 25, while hearing the case, the Singagur court stayed the deal between Future Group and Reliance Industries.

Legendary e-commerce company Amazon said that changes in arbitration rules are possible, but the company should get full opportunity to present its case before the hearing is over.

Now, with Delhi High Court rejecting the petition of Future Retail, Amazon can openly write against the deal to regulators like SEBI, CCI.

Amazon has written a letter to market regulator Sebi and the stock exchanges requesting the Sibampur arbitration court to consider an interim decision to stay the Rs 24713 crore deal between Future Retail and Reliance Industries.

At the same time, the deal was approved by the Competition Commission of India (CCI) last week.

The rise in gold futures, silver fast near-record level, know prices

On the first trading day of the week in the domestic futures market, there has been a tremendous rise in the prices of both gold and silver on Monday morning.

On the MCX exchange, on February 5, 2021 futures gold price was seen trading up by 1.30 percent or Rs 652 on Monday morning at Rs 50,956 per 10 grams.

Apart from this, gold prices of futures on April 5, 2021, appeared to be trading at Rs 51,030 per 10 grams, rising by 1.35 percent or Rs 681. Globally, gold prices saw a huge rise on Monday morning.