According to three sources, the Supreme Court of India on Monday prohibited the court from reviewing Mirae Group’s final ruling on the sale of retail assets for US$3.4 billion (approximately Rs 24,640 crore) until the Supreme Court heard the objection from the victimized partner Amazon.
Amazon filed an appeal to the Supreme Court this month against Mirae Group’s sale to market leader Reliance Industries, accusing its partners of agreeing to the transaction in violation of the contract.
The outcome of a dispute involving the two richest people in the world, Amazon’s Jeff Bezos and Reliance’s Mukesh Ambani, could reshape the Indian pandemic And decide whether Amazon can weaken Reliance’s dominant position in the retail industry.
Three people familiar with Monday’s proceedings said the Supreme Court ordered that although the court could continue to review the transaction and monitor the approval process, it could not pass the final order when the court heard Amazon’s concerns.
A source with direct knowledge of the incident said: “For Amazon, this is a good thing.”
The Indian Stock Exchange and the antitrust watchdog have settled the transaction and are currently waiting for the National Corporation Law Tribunal (NCLT) to approve the transaction in accordance with regulatory procedures.
A second source said that Future only requires NCLT to hold a meeting to seek shareholder approval of the transaction. The source added that the process will continue and the court will seek final approval in the future.
Amazon declined to comment, while Mirae Group and Reliance Group did not immediately respond to requests for comment.
The sources seek anonymity because they do not have the right to speak to the media.
According to Reuters, Amazon will argue in the Supreme Court’s appeal that the October arbitration order that put aside future reliance on the agreement is still valid.
Thomson Reuters 2021 ©
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