FRL-RIL deal: SC asks NCLT, CCI, Sebi not to pass final orders for 4 weeks
Published On: Thursday, September 9, 2021 | By: Team KnowMyStock
Today (9th Sept.2021) The Supreme Court of India stayed all the proceedings before the Delhi High Court for four weeks related to the implementation of an award by Singapore's Emergency Arbitrator (EA) restraining Future Retail Ltd (FRL) from going ahead its Rs 24,731 crore merger deal with Reliance Retail. A bench headed by Chief Justice N V Ramana, in a consent order, also directed the statutory authorities like National Company Law Tribunal (NCLT), Competition Commission of India (CCI), and market regulator Sebi not to pass any final order related to the merger deal for next four weeks. It considered the statements of senior advocates Harish Salve and Mukul Rohatgi, appearing for FRL and Future Coupons Private Ltd (FCPL) respectively, that the arbitrator has reserved the final verdict in the case after hearing both sides.
Senior advocate Gopal Subramanium, appearing for US-based e-commerce giant Amazon which has challenged the merger, said that it was not interested in any punitive action against FRL, FCPL, and their Directors and consented to passing of the order staying the proceedings before the Delhi High Court.
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