Delhi HC rules Amazon’s attempt to control Future violative of FEMA FDI

The Delhi High Court has ruled that US e-commerce giant Amazon’s attempt to control Future Retail through a conflation of agreements it has with an unlisted unit of the Indian company will be violative of the FEMA FDI rules, the Kishore Biyani-led firm said on Wednesday.

Giving out its analysis of the Delhi High Court’s December 21 judgment, Future Retail Ltd (FRL) in a filing to stock exchanges said its board approving a Rs 24,713 crore deal to sell assets to Reliance Retail has been held “valid in law” by the court.