Supreme rock on deal between Reliance and Future Group: Amazon wins

Amazon opposes Reliance buying Big Bazaar for Rs 24,713 crore

Emergency arbitration decision in Singapore will also apply in India: Supreme Court

New Delhi: The Supreme Court on Friday gave its verdict on Amazon's plea against a much-discussed deal between Reliance and Future Group. The Supreme Court has ruled in favor of Amazon. Reliance and Future Group's deal worth about Rs 24,000 crore is currently on hold.

In its judgment, the apex court said that the decision of the emergency arbitration in Singapore would also apply to India. Reliance-Future Group's deal was blocked in Singapore and subsequently in India, Amazon also filed an application against the merger deal.

Amazon first filed an application in the Delhi High Court against the Rs 24,000 crore deal between Reliance and Future Group. The High Court had stayed the deal. Amazon was then knocked on the door of the Supreme Court.

The Big Bazaar, which is spread across different parts of the country, is part of the Future Group. Reliance and Future Group had recently reached the biggest deal in the retail market and after a deal worth Rs 24,713 crore, Reliance acquired the rights to Future Group.

The deal was opposed by Amazon because Amazon had a 49 percent stake in a Future Group company. According to the deal, if the company is sold, Amazon will have the first right to buy it. But it was not followed in the Reliance-Future Group deal.

Amazon was the first to take Rao to court in Singapore, where the verdict was in his favor. The case then reached the Delhi High Court where it was asked to proceed with the High Court's deal. But now the Supreme Court has stayed it.