Delhi High Court has adjourned hearing of Future Retail plea seeking lifting of 'Status Quo' orders in Bezos vs Biyani case. On February 2, Delhi HC had directed Future, authorities to maintain the status quo in the Rs 25,000 crore deal and Future Retail is seeking to vacate this order.

Here are the latest updates:

Del HC adjourns hearing for tomorrow

Gopal Subramanium for Amazon to continue arguments.

Del HC likely to resume hearing at 02.15 pm.

Gopal Subramanium for Amazon to Del HC –

Unless EA order is appealed before arbitral tribunal and set aside, the order is intact.

Dec 2020 Order also has preserved the EA order, it refused to annul the order.

1431 cr in FCPL, was to flow immediately to FRL, in exchange of protective rights to Amazon

Amazon was interested in long term relationship with Future, Biyani.

Amazon invested 1431 cr, FRL was the beneficiary of the investment.

FRL was very explicitly obliged under the investment to not sell assets to restricted persons.

EA order carries the same weight as the order of a court as per Code of Civil Procedure.

No order of the Del HC has stayed the execution of the EA Order, Order remains intact.

Gopal Subramanium for Amazon to Del HC

Amazon was hoping that one day when Retail opens up, assets would be available for Amazon.

Amazon had been working with Future, to find a solution.

Why would Amazon sink FRL, in whose assets Amazon in interested.

1431cr in FCPL, was to flow immediately to FRL, in exchange of protective rights to Amazon

Amazon was interested in long term relationship with Future, Biyani.

Amazon invested 1431 cr, FRL was the beneficiary of the investment.

FRL was very explicitly obliged under the investment to not sell assets to restricted persons.

EA order carries the same weight as the order of a court as per Code of Civil Procedure.

No order of the Del HC has stayed the execution of the EA Order, Order remains intact.

Gopal Subramanium for Amazon to recounts proceedings before Emergency Arbitrator (EA).

Gopal Subramanium for Amazon cites substance, the rationale of Oct 25 EA order.

EA Order had stayed FRL-Reliance deal, restrained application for approval.

Harish Salve closes arguments for FRL, seeking a stay of the Status Quo order.

Gopal Subramanium opens arguments for Amazon.

Harish Salve for FRL to Del HC

Amazon has invested 1430cr, the value of its shareholding will only improve with this deal.

Not only FRL, even over 6000 vendors and 25000 employees will be put to risk.

Amazon can’t invest, Reliance deal will help rescue FRL.

There are two interim orders by different benches of Del HC

Dec 2020 Del HC that upheld the deal, as approved by FRL Board, must prevail.

How can Del HC say that FRL can’t rely on SEBI, CCI approval?

Sebi, CCI not even party to this silly arbitration.

Del HC Bench resumes hearing FRL plea against "status quo" order, staying the FRL-Reliance Deal

Harish Salve responds to questions posed by Del HC.

Amazon has invested 1430cr, the value of its shareholding will only improve with this deal.

Not only FRL, even over 6000 vendors and 25000 employees will be put to risk.

Amazon can’t invest, Reliance deal will help rescue FRL.

Del HC breaks for lunch

Hearing likely to resume at 2.15 pm.

Harish Salve for FRL

Amazon claimed rights over FRL, Dec 2020 Del HC order held that Amazon can’t exercise control over FRL.

Dec 2020 Del HC order prima facie held that rights claimed by Amazon could be FEMA violative.

Dec 2020 order of Del HC has upheld FRL resolution approving deal as a valid contract.

Harish Salve for FRL to Del HC

Amzon’s investment of 1430 is effectively zero today due to Covid led value erosion

Amazon doesn’t even want its Rs. 1430 cr, they just don’t want Mukesh Ambani led Co to takeover.

Amazon may have trillion dollars but can’t invest in multi-brand retail in India.

FDI in multiband retail not allowed

Amazon doesn’t want Indian cos to be owned by Indians.

Amazon can’t seek to sink FRL if they can’t have it.

Harish Salve for FRL making submissions about

1.Lack of the jurisdiction of Emergency Arbitrator.

2.India law not recognizing the concept of Emergency Arbitrator.

3.Emergency Arbitrators not being enforceable under Sec 17 of Arbitration Act.

Harish Salve for FRL

How can Del HC restrain all authorities, when they are not even a party here?!

Dec 2020 order of Del HC has already held Amazon’s actions to be a case of “tortious interference”.

Reliance’s proposed investment is akin to a rescue deal for Future, it will help protect over 25,000 employees.

Amazon indulging in the falsehood that they were not aware of the FRL-Reliance Deal.

Indian law does not recognize Emergency Arbitrator.

Emergency Arbitrator orders not enforceable under the Indian Arbitration Act.

We had asked for 5 days to argue, HC had refused to allow

Single judge bench acted as if the heavens would fall when we asked for time to argue.

Amazon invested in Future Coupons (FCPL), not in Future Retail (FRL).

Single Judge Bench in FRL suit had warned that Amazon claiming rights over FRL could be potentially FEMA violative.

Delhi HC has passed a strange status quo order. Statutory authorities have been directed to stay the deal when they weren’t even a party before HC.

Del HC has injuncted statutory authorities, in a private arbitration agreement between 3 parties.

Amazon lawyers look to interject Harish Salve

Amazon seeks to object to Future Retail plea on grounds of maintainability. Del HC refuses interruption from Amazon Counsel and allows Harish Salve to continue.

Senior Advocate Harish Salve has opened arguments for Future Retail

Harish Salve sharing factual matrix with Del HC. He is submitting background of Future Group, Amazon's Investments and FDI Norms.

Future Retail (FRL) secured a nod from Sebi, CCI and exchanges

FRL had filed the plea in NCLT for final approval. On Feb 2, Single Judge Bench of Delhi HC had directed all authorities to maintain "status quo" over the Rs. 25,000 crore deal.

First Published:Feb 4, 2021 12:50 PM IST