Amazon.com Inc has moved the Delhi high court to block Future Group from selling its retail  (amazon stock) assets to Reliance Industries (RIL). The move comes days after stock exchanges and market regulator Sebi gave their conditional approval to the proposed deal.

The e-commerce giant is looking to enforce the interim order given by a Singapore arbitrator to stall the Rs 24,713-crore deal between Reliance and the Future group. Last month, the Delhi high(amazon stock)   court had said that the statutory authorities or regulators can take a decision on the transaction in accordance with law.


                                


In its latest petition which is expected to come up for hearing on January 28, Amazon maintained that the interim injunctions granted by the Emergency Arbitrator (EA) are enforceable under the(amazon stock)   Indian laws under the Arbitration and Conciliation Act as the order is deemed to be an order of the court and enforceable under the Code of Civil Procedure. 

The interim ruling by the Singapore International Arbitration Centre (SIAC), which was valid till January 23, has been extended till further modification.

Amazon has prayed that the court issue “an injunction against the respondents (Future group), in light of the directions passed by the EA, from relying upon any approval granted by any regulatory body or agency in India arising out of any application initiated or pursued by the (amazon stock) respondents, contrary to the directions in the order, including without limitation, the no objection granted by the Sebi and as also approvals granted by BSE, NSE and Competition Commission of India.”

“… in view of the constitution of the Arbitral Tribunal, the order stands automatically extended for the duration of the arbitration proceedings unless it is reconsidered/ modified/vacated by the arbitral tribunal,” a PTI report quoting the petition said.

Amazon added that since no application for reconsideration, modification or vacation of the order has been preferred till date by any party, the order stands automatically extended. 

It further pointed out that the interim order passed by the EA is “binding” and that if Future went ahead with the transaction, it would cause not only “irreparable loss and injury” but also vitiate the entire investment into Future Coupons.     

It, therefore, urged the Delhi high court to issue an injunction order restraining the Future group from “filing or pursuing any application before any person, including regulatory bodies or (amazon stock) agencies in India, or requesting for approval at any company meeting” of the group companies.

Amazon also alleged that the majority of the respondents, which includes Future group firms Future Coupons, Future Retail and promoters, including its group CEO Kishore Biyani have “deliberately and maliciously” disobeyed the order passed by the EA “without even challenging it in accordance with law”.

“This is despite the fact that the majority respondents have participated through counsel in an elaborate hearing before the EA and filed multiple written pleadings, including on the merits of the dispute,” Amazon said in the petition. 

In August 2019, Amazon had agreed to purchase 49 per cent in a Future group arm — Future (amazon stock)  Coupons Ltd — with the right to buy into the flagship Future Retail after a period of three to 10 years. Future Coupons holds 7.3 per cent equity in Future Retail.

Amazon had dragged Future Group to arbitration at the Singapore International Arbitration  (amazon stock)  Centre (SIAC) last year, after Future group entered into a deal with Reliance for the sale of its retail, wholesale, logistics and warehousing units.