Trending

Stories

SC Rules in Favor of Amazon, Against Future Retail; Emergency Award Enforceable in Indian Law

Tidio Live Chat Software - Add Tidio live chat software to your website in minutes. Contact visitors and turn them into happy customers. Enhance their experience and boost your sales. Get it for Free

WP Rocket - WordPress Caching Plugin

Must Read

In a major victory for Amazon, the Supreme Court on Friday ruled in favor of the e-commerce giant in its dispute with Future Retail. The top court held that the emergency arbitrator award is enforceable in Indian law.

A bench headed by justice R.F. Nariman held that the emergency award passed under the Singapore International Arbitration Centre (SIAC) rules can be enforced in India under Arbitration and Conciliation Act.

Also Read

The top court said: “Emergency arbitrator’s award holds good under section 17(1) of the Arbitration and Conciliation Act and single judge’s order for such award cannot be appealed under Section 17(2)”.

On July 29, the Supreme Court reserved the judgment on the pleas of e-commerce giant Amazon, challenging the Rs 24,713 crore deal for Future Retail Ltd (FRL) merger with Reliance Retail.

Elegant Themes - The most popular WordPress theme in the world and the ultimate WordPress Page Builder. Get a 30-day money-back guarantee. Get it for Free

Amazon.com NV Investment Holdings LLC and FRL have been locked in a bitter legal battle over the deal.

Amazon had argued that Singapore’s Emergency Arbitrator (EA) award, which restrained FRL from going ahead with the merger, was valid and enforceable. Amazon had moved the apex court challenging the Delhi High Court’s division bench order which gave a green signal to the Reliance-FRL deal.

Senior advocate Harish Salve, representing FRL, had contended there was no notion of EA under the Indian law on arbitration and conciliation. Also, there was no arbitration agreement to this effect. Salve emphasized that there was no provision for EA under Indian law.

On February 8, a Division Bench had stayed the single-judge direction to FRL and various statutory authorities to maintain the status quo on the deal.

iThemes WordPress Hosting

Stay updated

Subscribe to our newsletter and never miss an update on the latest tech, gaming, startup, how to guide, deals and more.

Latest

Stories

- Advertisement -
- Advertisement -

Latest

Grow Your Business

Place your brand in front of tech-savvy audience. Partner with us to build brand awareness, increase website traffic, generate qualified leads, and grow your business.

- Advertisement -

Grow Your Business

Get these business solutions, tools and services to help your business grow.
Elementor

Elementor -Join 5,000,000+ Professionals Who Build Better Sites With Elementor. Build your website with 100% visual design that loads faster and speeds up the process of building them.

WP Rocket

WP Rocket - Speed up your website with the most powerful caching plugin in the world. The website speed increase means better SEO ranking, user experience, and conversation. It’s a fact that Google loves a fast site.

Kinsta

Kinsta - If you are looking for WordPress managed hosting, Kinsta is in the leading front. Kinsta provides WordPress hosting for a small or large business that helps take care of all your needs regarding your website with cutting-edge technology.

OptinMonster

OptinMonster - Instantly boost leads and grow revenue with the #1 most powerful conversion optimization toolkit in the world. 700,000+ websites are using OptinMonster to turn their traffic into leads, subscribers, and sales.

Related

- Advertisement -
- Advertisement -
Tesla Records Double Net Profit in 2022 India to Produce Upcoming iPhones: Trade Minister Japanese Professor Developed A Power Semiconductor made of Diamond Google Releases New Product for India’s Merchants Indian EV Startup Unveil Two AutoBalancing Electric Scooters OPPO Find X6 Pro Images Render via Weibo Sony Develops New Tech to Reduce Noise of Image Sensors Tesla’s S & Y Models Earn Best-in-Class Cars of 2022 India Approved $320m to Promote Homegrown Payments Network Twitter Roll Out TikTok-like ‘For You’ Timeline on iOS
Nothing Phone Enters US with Beta Membership Program Finally! Apple’s VR Headset Coming this Spring Harvard Scientists Develop New Cell Therapy to Kill, and Prevent Brain Cancer HTC Vive XR Elite VR/AR Headset Now Selling for $1099 Realme 10 Launched in India with Helio G99 Gaming Chipset Twitter Data Breach Revealing User’s Private Information Instagram New Feature to Create Albums With Friend Redmi Note12 Pro Plus Launched in India