21.8 C
Delhi
Thursday, November 26, 2020

CCI approves Reliance Retail’s acquisition of Future Group businesses

- Advertisement -

reliance retailNew Delhi, Nov 20 (IANS): In a setback for Amazon, the Competition Commission of India (CCI) has approved the acquisition of retail, wholesale, logistics, and warehousing businesses of the Future Group by Reliance Retail Ventures Ltd and Reliance Retail and Fashion Lifestyle Ltd.

CCI announced the decision on Twitter on Friday. “Commission approves acquisition of retail, wholesale, logistics & warehousing businesses of Future Group by Reliance Retail Ventures Limited and Reliance Retail and Fashion Lifestyle Limited,” it said.

The CCI decision marks a major turning point in the Jeff Bezos versus Mukesh Ambani battle for the crown of India’s retail king as Amazon is engaged in litigation over the sale of Future Group retail assets to Reliance Retail.

Amazon had approached the Emergency Arbitrator in Singapore seeking relief in the Future-Reliance Retail deal.

READ ALSO:  ED served notices to the PFI, and eight sister organisations

The proceedings against Future Retail Ltd (FRL) are not maintainable as FRL is not a party/signatory to the arbitration agreement invoked by Amazon, the company had said.

In a regulatory filing, the company said that FRL’s jurisdictional objections are pending determination with the SIAC Registrar.

Further, the SIAC has appointed an Emergency Arbitrator, however, the Indian law does not recognize an Emergency Arbitrator. “Accordingly, the Interim Order is unlikely to have an impact either on the FRL or the Company,” it said.

It said that notice of Arbitration has been issued by Amazon against FRL and other FRL promoter group persons in accordance with the Singapore International Arbitration Centre (“SIAC”) Rules for alleged violation of the provisions of the shareholders agreements.

Further, as per SIAC Rules, Amazon has filed an application seeking interim relief, injuncting the Respondents from giving effect to the Composite Scheme of Arrangement.

READ ALSO:  Twitter appoints Manish Maheshwari as India MD

“As per information received, FRL is in process of initiating appropriate proceeding to protect its rights and seek necessary reliefs against in relation to the interim award which is not enforceable under Indian law,” the company said.

“There would not be any change in status of the proposed scheme until the Interim Order passed by the Emergency Arbitrator of SIAC is executed by the Indian court of appropriate jurisdiction,” the company said.

In August, Reliance had announced the acquisition of retail businesses of Future Group for Rs 24,713 crore.

Future Group’s retail and wholesale undertaking will be transferred to Reliance Retail and Fashion Lifestyle Ltd (RRFLL) which is a wholly-owned subsidiary of RRVL.

India Updates
India Updates is an independent news & Information website. Follow us for regular updates on News and Information.

Follow Us On

Related News

India can be lower cost producer than China if policies allow: Maruti Suzuki Chairman

New Delhi, Nov 26 (IANS) India has the capability to become a lower cost producer than China if the industry and the government work together,...

Kerala, Maha, Delhi among 6 states with 61% new Covid cases detected every day

By Rajnish Singh, (IANS) Kerala, Maharashtra and Delhi are among top six states which are accountable for contributing 61 per cent new Covid-19 cases on daily basis in India,...

PM pitches for ‘One Nation, One Election’ as need of India

New Delhi, Nov 26 (IANS): Prime Minister Narendra Modi on Thursday again emphasised the need to introduce the "One Nation, One Election" formula to save...

IT Ministry partners with IBM to equip youth with future-ready skills

New Delhi, Nov 26 (IANS) IBM India on Thursday said it has collaborated with the Union Ministry of Electronics and Information Technology (MeitY) to create...

Indian economy exhibited stronger pick up than expected: RBI Guv

Mumbai, Nov 26 (IANS) Indian economy has exhibited stronger pick up in momentum of recovery than expected, said Reserve Bank of India Governor Shaktikanta...

International flights to remain suspended till Dec 31

New Delhi, Nov 26 (IANS) The Centre on Thursday extended the suspension of scheduled commercial international flight operations to and from India till December...

Trending Topics In India

Covid 19 India Updates

Kerala, Maha, Delhi among 6 states with 61% new Covid cases detected every day

By Rajnish Singh, (IANS) Kerala, Maharashtra and Delhi are among top six states which are accountable for contributing 61 per cent new Covid-19 cases on daily basis in India,...

Kerala, Maha, Delhi among 6 states with 61% new Covid cases detected every day

By Rajnish Singh, (IANS) Kerala, Maharashtra and Delhi are among top six states which are accountable for contributing 61 per cent new Covid-19 cases on daily basis in India,...

Looking at vaccine manufacture, delivery ecosystem: Harsh Vardhan

New Delhi, Nov 25 (IANS) At a time the world is racing against time to find a safe and effective vaccine against Covid-19, Union...

Apollo Hospitals gearing up to give one million vaccines a day

New Delhi, Nov 25 (IANS) Apollo Hospitals are gearing up to give one million vaccines a day once it is available across India through...

Over 88% Indians know at least one Covid infected person: Survey

New Delhi, Nov 25 (IANS) With over nine million coronavirus cases in India, 88 per cent citizens now have one or more contacts in...

Covid-19 second wave may be a tsunami, warns Thackeray

Mumbai, Nov 22 (IANS) With Covid-19 cases again surging in some parts of the the country, Maharashtra Chief Minister Uddhav Thackeray on Sunday hinted...

Trending News In India

Cyclone Nivar crosses TN and Puducherry coast near Puducherry

Chennai, Nov 26 (IANS) The very severe cyclonic storm Nivar, had crossed the Tamil Nadu and Puducherry coast near Puducherry on November 25 night...

Kerala, Maha, Delhi among 6 states with 61% new Covid cases detected every day

By Rajnish Singh, (IANS) Kerala, Maharashtra and Delhi are among top six states which are accountable for contributing 61 per cent new Covid-19 cases on daily basis in India,...

PM pitches for ‘One Nation, One Election’ as need of India

New Delhi, Nov 26 (IANS): Prime Minister Narendra Modi on Thursday again emphasised the need to introduce the "One Nation, One Election" formula to save...

IT Ministry partners with IBM to equip youth with future-ready skills

New Delhi, Nov 26 (IANS) IBM India on Thursday said it has collaborated with the Union Ministry of Electronics and Information Technology (MeitY) to create...

Indian economy exhibited stronger pick up than expected: RBI Guv

Mumbai, Nov 26 (IANS) Indian economy has exhibited stronger pick up in momentum of recovery than expected, said Reserve Bank of India Governor Shaktikanta...

International flights to remain suspended till Dec 31

New Delhi, Nov 26 (IANS) The Centre on Thursday extended the suspension of scheduled commercial international flight operations to and from India till December...

Trending Showbiz

Gear up for India’s first ever OTT awards

By Puja Gupta, (IANS) Fans across the globe now have a chance to engage with OTT entertainment content and stars digitally; they can and...

Malayalam film ‘Jallikattu’ is India’s entry for Oscars 2021

Mumbai, Nov 25 (IANS) The Malayalam film, Jallikattu, has been selected as the official Indian entry in the Best International Feature Film category at...

Kabaddi is a sport, can’t be played well without teamwork: Abhishek Bachchan

Mumbai, Nov 24 (IANS) Abhishek Bachchan, who owns the Kabaddi team Jaipur Pink Panthers, says the upcoming docu-feature, Sons Of The Soil: Jaipur Pink...

Television actor Ashiesh Roy passed away

Mumbai, Nov 24 (IANS) Television actor Ashiesh Roy passed away in Mumbai early on Tuesday. The Sasural Simar Ka actor died of kidney failure...

Arjun Kapoor: Children should never go without adequate food

Mumbai, Nov 23 (IANS) Bollywood actor Arjun Kapoor has opened up about his food start-up venture that has been feeding 1000 children every month....

‘A Suitable Boy’ row: MP Police register FIR against Netflix officials

Mumbai, Nov 23 (IANS) An FIR has been registered in Madhya Pradesh against two Netflix officials for allegedly hurting religious sentiments through the web...

Trending Sports

1986 World Cup quarter-final: Maradona becomes immortal

New Delhi, Nov 26 (IANS) “I dream of being able to score another goal against the English, with the right hand this time!” said Diego...

Football legend Diego Maradona, 60, dead

Buenos Aires, Nov 25 (IANS) Football legend Diego Maradona has died, aged 60, according to Argentine media reports. He had been discharged from hospital...

New ICC chairman Barclay: Rugby’s loss is cricket’s gain

New Delhi, Nov 25 (IANS): Auckland-based lawyer and sports administrator Greg Barclay was on Wednesday announced as new chairman of the International Cricket Council (ICC)....

Sports Ministry recognises archery body again, after eight years

New Delhi, Nov 25 (IANS): The Archery Association of India (AAI) on Wednesday re-gained recognition from the Sports Ministry nearly eight years after it was...

ICC Awards of the Decade: Kohli in fray for 5; five more Indians in race

Dubai, Nov 25 (IANS) Prolific India batsman Virat Kohli has been nominated in five categories for the first International Cricket Council (ICC) Awards of...

Aus vs Ind: Ishant, Rohit ruled out of first two Tests, says report

New Delhi, Nov 24 (IANS) Ishant Sharma and Rohit Sharma have been reportedly ruled out of the first two Tests of the upcoming four-match...

Latest Trending News In India

Kerala, Maha, Delhi among 6 states with 61% new Covid cases detected every day

By Rajnish Singh, (IANS) Kerala, Maharashtra and Delhi are among top six states which are accountable for contributing 61 per cent new Covid-19 cases on daily basis in India,...

PM pitches for ‘One Nation, One Election’ as need of India

New Delhi, Nov 26 (IANS): Prime Minister Narendra Modi on Thursday again emphasised the need to introduce the "One Nation, One Election" formula to save...

IT Ministry partners with IBM to equip youth with future-ready skills

New Delhi, Nov 26 (IANS) IBM India on Thursday said it has collaborated with the Union Ministry of Electronics and Information Technology (MeitY) to create...

Indian economy exhibited stronger pick up than expected: RBI Guv

Mumbai, Nov 26 (IANS) Indian economy has exhibited stronger pick up in momentum of recovery than expected, said Reserve Bank of India Governor Shaktikanta...