The Delhi High Court on Monday asked Amazon and Future Retail to consider negotiations and settlement while hearing the American behemoth’s plea seeking the enforcement of the Emergency Award restraining Future Group from going ahead with its deal with Reliance Retail.
In case of negotiation or settlement there would be “no further movement” on the deal, the court said, offering to set up a panel of two retired judges from the Supreme Court for seven to 10 days to explore potential settlement.
Justice JR Midha also told Future Retail that it should try to resolve matters with Amazon as it has taken money from the company and that there was no harm in making an endeavour to settle.
Arguments will continue on Tuesday if the parties do not agree to negotiate.
The suggestion came after advocate Harish Salve argued Future Retail’s case that the pandemic had hit the retail company hard threatening its existence. He argued that small creditors and Indian banks need to be paid which could be made possible if the deal with Reliance Retail goes through.
Amazon was trying to block the deal as it fears competition and does not care about Indian banks but only about the continuance of its monopoly, he added.
Amazon had got an interim order from the Singapore International Arbitration Centre that put the Future-Reliance deal on hold until it gave a final ruling on the company’s plea opposing the transaction. The company approached the high court seeking to enforce the interim order of the arbitration centre and restrain the Future Group from filing any application to complete the deal.
However, Future Retail wrote to the Singapore body, asking it to “vacate” the company from the October emergency order.
Amazon, urged the court for an interim relief so that Future Retail didn’t take any further regulatory steps in the proposed deal, however, it was denied.
Source: Economic Times