Supreme Court on Friday ruled in favour of Amazon, restraining Kishore Biyani-led Future Retail from going ahead with its 24,713-crore deal with Reliance Industries (RIL). The top court held that the Singapore Emergency Arbitrator’s order, which halted the deal, is valid under Indian laws and can be enforced. Amazon had accused Future Group of violating a 2019 contract with it.
Also see: Why Amazon has objected to the Future Group-Reliance Retail deal
RIL share price fell more than 2% today while Future Retail stock tanked 10% after the Supreme Court of India ruled in favour of Amazon – seeking to block a deal between Mukesh Ambani and Kishore Biyani. The apex court said that the order passed by Singapore International Arbitration Centre to stay the Rs 24,731 crore deal between Mukesh Ambani and Kishore Biyani is valid. Future Enterprises and Future Lifestyle were also down 10% each.
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