NEW DELHI: The Future Group is likely to approach the National Company Law Tribunal (NCLT) to seek approval for a shareholders' meeting after the Delhi high court on Wednesday stayed proceedings in the ongoing Amazon-Future arbitration before a Singapore tribunal.The shareholder approval is key for its proposed Rs 25,000-crore asset sale to Reliance Industries (RIL), a transaction which US e-tailer Amazon has been trying to block for over a year. Amazon and Future Group are locked in a bitter legal tussle with the US e-tailer alleging that the Big Bazaar parent violated terms of contract by trying to strike the deal with Reliance. Future, however, has denied any violation.
"In light of the CCI order and Wednesday's stay, Future may also approach the Supreme Court, where the validity of the Singapore interim award that has barred the deal from going forward is being fought over by both parties," a source told TOI.
On December 17, CCI suspended Amazon's investment in Future Coupon (FCPL) due to the e-tailer allegedly suppressing of facts.
Future Group and Amazon refused to comment on the story. But Amazon, too, is gearing up to approach the Supreme Court to challenge the stay by the division bench of the Delhi high court, said three people in the know of the matter. The Singapore International Arbitration Centre (SIAC) passed an interim award in favour of Amazon in October, 2020 that barred Future Group from going ahead with its asset sale to Reliance Retail.
