By Manish Singh
An Indian court rejected Future Group’s plea that sought to prevent its partner Amazon from interfering in — and blocking — the Indian retail giant’s $3.4 billion asset sale deal to Mukesh Ambani’s Reliance Industries, delivering a glimmer of hope to the American e-commerce firm that has invested more than $6.5 billion in the world’s second largest internet market.
Future Group was seeking an ad-interim injunction to restrain its partner Amazon from writing to regulators and other authorities to raise concerns over — and halt — the deal between the two Indian giants. The Delhi High Court ruled on Monday that Amazon cannot be barred from writing to regulators and authorities on account of “potentially irreparable damage.” The regulators will decide whether the deal should be approved in accordance with the law, the court said.
The court, however, also observed that the lawsuit filed by Future Retail, a unit of Future Group, was maintainable and its attempt to seek approval of the transaction with Reliance Industries was also valid.
Source: Tech Crunch