Future-Reliance Deal: Amazon urges Sebi to adjust to SC order on Future-Reliance deal

Amazon has written to Sebi requesting the regulator to direct inventory exchanges to withdraw the ‘Observation Letters’ that have been issued associated to the proposed Rs 24,713-crore Future-Reliance deal. The e-commerce firm has additionally urged the Securities and Exchange Board of India (Sebi) to take obligatory motion to adjust to the current Supreme Court judgment associated to the deal.
In its letter dated August 17, Amazon.com NV Investment Holdings LLC famous that the SC had on August 6 held that the order of the Singapore-based Emergency Arbitrator within the case was an ‘order’ referable to and made below Section 17(1) of the Arbitration and Conciliation (A&C) Act.
Thus, the arbitration order will be enforced below the provisions of Section 17(2) of the Act.
In January, Sebi had given its go-ahead to Future Group’s scheme of association and sale of property to Reliance with some riders, primarily based on which the BSE granted its “no adverse observation” report for the Rs 24,713-crore deal. The BSE, in its commentary letter on January 20, mentioned it has “no adverse observations with limited reference to those matters having a bearing on listing/de-listing/continuous listing requirements within the provisions of Listing Agreement, so as to enable the company (Future) to file the scheme with Hon’ble National Company Law Tribunal.”