Delhi high court directs Future Retail not to proceed with Reliance merger

The Delhi high court on Tuesday has directed Future Retail Limited (FRL) not to proceed with its merger with Reliance Retail as it reserved its verdict on US online giant Amazon’s plea against the merger.

While ordering status quo on the Rs 24,713-crore deal between Future and Reliance, the court upheld the judgment of the Singapore Emergency Arbitrator (EA) which in October had ruled in favour of Amazon that triggered a bitter feud between Future and Amazon leading to an earlier verdict by the Delhi high court followed by conditional approval of the Future-Reliance deal by Sebi, the BSE and NSE as well by the Competition Commission of India.