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Future-Reliance deal: Amazon urges Sebi to direct exchanges to withdraw observation letters
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Future-Reliance deal: Amazon urges Sebi to direct exchanges to withdraw observation letters
Aug 30, 2021 2:47 PM

US e-commerce giant Amazon has written to Sebi requesting the market regulator to direct stock exchanges to withdraw the 'Observation Letters' that were issued related to the proposed Rs 24,713-crore Future-Reliance deal.

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The company has also urged Sebi to take necessary action to comply with the recent Supreme Court judgment related to the deal. In its letter dated August 17, Amazon.com NV Investment Holdings LLC noted that the Supreme Court had on August 6, 2021 held that the order of the Singapore-based Emergency Arbitrator (EA) in the case was an 'order' referable to and made under Section 17(1) of the Arbitration and Conciliation (A&C) Act.

Thus, the arbitration order can be enforced under the provisions of Section 17(2) of the Act. "In light of the directions contained in the Enforcement Judgment, and the EA Order whose validity has been affirmed by the Hon'ble Supreme Court, Amazon requests you to take all such action as is necessary to comply with the Supreme Court Judgment, and to further ensure that no communications subsist or emanate which are at variance with the Supreme Court Judgment," the letter said.

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