Supreme Court refuses to pass interim order against sale of future retail stores

In a latest development, the Supreme court of India has refused to put a stay on the sale of stores of Future Retail, as sought earlier by Amazon. Amazon Inc had said that the takeover by Reliance Industries was a sham and SC must put a stay on the sale of assets till the Singapore Arbitration Tribunal passes an order on the case.

Last month, AmazonAmazonInc and Future Retail had agreed in the Supreme Court to appear before the Singapore International Arbitration Tribunal to resolve the 18-month old dispute.

The SC of India had directed both the companies to resolve the issue with a 'gentleman's understanding'. During the proceedings, according to reports, Amazon asked the court to withhold the orders in order to initiate the dialogue Future, on the other hand, said that the discussions will take time.

The dispute has stalled the Future Group's plans to sell its assets to Reliance Industries for a valuation of $3.4 billion. The dispute, largely, has been about gaining supremacy over the fastest-growing retail market in the world, India.