Delhi High Court stays direction to maintain status quo on Future-Reliance deal

New Delhi: The Delhi High Court on Monday stayed its single judge direction to Future Retail Ltd NSE 9.49 % (FRL) and various statutory authorities to maintain status quo with regard to the Rs 24,713 crore deal with Reliance Retail. A bench of Chief Justice D N Patel and Justice Jyoti Singh passed the interim direction on FRL’s appeal challenging the February 2 order of the single judge.

It said that statutory authorities, like National Company Law Tribunal, Competition Commission of India (CCI) and SEBI, cannot be restrained from proceeding in accordance with law with regard to the deal. The bench also declined Amazon’s request to keep its order in abeyance for a week so that it can explore appropriate remedies. The court issued notice to Amazon and sought its stand on FRL’s appeal by February 26 when it will commence day-to-day hearing of the matter.