Newsinc24 Team 
Friday was a very fortunate day for Amazon, the Supreme Court said Reliance cannot go ahead with its $3.4 billion deal to buy Future Group's retail assets. The Supreme Court said a Singapore arbitrator's decision to hold the sale of Future Retail is enforceable. The Court ruled in favour of e-commerce giant Amazon.com after it had filed a plea against a Rs 24,713 crore deal for the merger of Future Retail Limited (FRL) with Reliance Retail.
The bench, headed by justice Rohinton F Nariman, affirmed the single judge order of the Delhi high court and upheld the enforceability of a Singapore-based Emergency Arbitrator (EA) award in favour of Amazon. justice Nariman said the EA award was upheld under Section 17 of the Arbitration and Conciliation Act, 1996. The provision prescribes a mechanism for parties to an arbitration to seek interim reliefs from the arbitral tribunal during the pendency of the arbitral proceedings. Amazon had taken partner Future Group to court saying it violated contracts by agreeing to sell retail assets to market leader Reliance Industries last year for over Rs 24,731 crore. Future denied any wrongdoing.The US company had invested in Future Group in 2019, acquiring a 49 per cent stake in Future Coupons Ltd, which holds 9.82 per cent in Future Retail.
The legal wrangle has witnessed a tussle for dominion over India’s growing e-commerce market. The court order at the instance of United States-based Amazon restores the status quo on the FRL-Reliance deal till the time various legal issues related to the matter are finally decided. Amazon had told the bench that the Biyanis of the Future Group had negotiated with it to enter into certain agreements and are bound by the EA award restraining FRL from going ahead with its merger deal with Reliance Retail.
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