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Obtain stay order from Supreme Court or comply with our order, Delhi HC tells Future Group

The latest hearing in this legal battle saw the court give Future Group a few weeks to obtain the stay order even as Amazon is reportedly preparing a bailout plan for Future Retail.  The Delhi High Court on August 17 told Future Group that, unless it gets a stay order from the Supreme Court by September 17, the court will implement its single-judge order issued on March 18 restraining the sale of Future Retail to Reliance and attaching its properties, The Hindu reported. Both Reliance and Amazon are trying to expand their online and offline retail offerings. Reliance is trying to acquire Future Retail to do this, while Amazon is trying to prevent this deal from happening. The Future Group vs Amazon legal battle has been going on since October 2020. Future Group vs Amazon: Brief timeline of events November 2019 –Amazon acquired a 49 percent stake in Future Coupons, a promoter company that owns about 7.3 percent stake in Future Retail. August 2020 –  Reliance announced that it will acquire most of Future Group’s retail, wholesale, and logistics business in a deal worth Rs 24,713 crore. Amazon objected to the Reliance deal in October 2020 saying that its agreement with Future Coupons had a non-compete-like pact and right of first refusal against deals with competitors like Reliance Retail. October 25, 2020 – Amazon obtained an emergency arbitrator’s award against the Future Retail–Reliance deal from a Singapore arbitration tribunal. March 18, 2021 – A single judge Justice JR Midha from Delhi High Court upheld the Singapore emergency…

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