Several listed Future group firms have completed meetings of their respective shareholders and creditors to approve the Rs 24,713 crore deal to sell their assets to Reliance Retail Ventures Ltd
Amazon during the argument questioned the CCI order, arguing it did not have power to suspend or place its own order in abeyance
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The meetings have been vehemently opposed by US-based e-commerce giant Amazon, which is contesting FRL's deal with RRVL
BoI's loan exposure to Future Retail is Rs 1,441.62 crore
The SC said in its order that the interim application will be transmitted to the Delhi High Court as agreed by both parties and as proceedings have already begun there
The latest hearing comes after the Supreme Court asked Future Group and Amazon to request HC to hear the case on the enforcement of the emergency arbitration award passed by SIAC
SC asks both parties to urge Delhi HC to hear enforcement pleas of US firm first
SC is scheduled to hear on Monday submissions of Amazon, seeking an interim order to ensure that FRL assets, not be alienated till dispute over its merger with Relaince Retail is decided by tribunal
In FY22, direct tax collections broke all records, touching Rs 13,81 trillion. Future Retail and Future Enterprises defaulted on loan repayments worth Rs 8,157.97 crore. More in our top headlines:
Future Retail Ltd said it has missed the due date for repayment of Rs 5,322.32 crore to lenders on account of the ongoing litigations with Amazon and other related issues
Future Retail had earlier written to RIL over the takeover of its stores, according to three people in the know
Future Retail is locked in legal battles with US retail major Amazon and has already become a non-performing asset NPA in the current quarter
Future Group companies will convene meeting with their respective shareholders and creditors on April 20 and 21 to get their approval for the Rs 24,713-crore deal with Reliance Retail
Future Group's 19 companies operating in retail, wholesale, logistics and warehousing assets would be consolidated into one entity, FEL, and then transferred to Reliance
Future Retail on Wednesday said that it was committed to taking all actions necessary to seek value adjustments and reversal of takeover of stores by the Reliance group.
Development follows Delhi High Court stay on SIAC hearing the case on January 5
The Supreme Court asked the Future group to file its reply to an interim plea of Amazon seeking resumption of arbitration over Future Retail's merger deal with Reliance Retail
Senior bankers said with failure of Future-Amazon talks, banks have to think of legal action only.
The US e-commerce giant has also warned about taking action against Reliance