Supreme Court stalls $3.4-billion RIL-Future deal, win for Amazon

The Supreme Court on Friday ruled in favour of Amazon in a case that pitched the American online major against India’s original retail king Kishore Biyani’s Future Group and Mukesh Ambani’s Reliance Retail, which is set to go big on e-commerce. The ruling puts the $3.4-billion merger deal between Future and Reliance on hold for now.

The top court allowed the appeal filed by Amazon against a Delhi High Court order staying attachment of properties of Future Group companies and Biyani in relation to a Future-Reliance Retail merger deal worth Rs 24,713 crore ($3.4 billion). The Bench of Justices Rohinton Fali Nariman and BR Gavai held that the order of an emergency arbitrator is enforceable in India, under Section 17(2) of the Arbitration Act.