Ambani’s $3.4 Billion Retail Deal Stalled by Indian Court

India’s Supreme Court stopped regulatory approval for the Future Group’s $3.4 billion asset sale to Reliance Industries Ltd., delaying the deal in a boost for Amazon.com Inc., which wants to scuttle the transaction in its bid to dominate the country’s retail sector, Bloomberg News reported. Agreeing with the American e-commerce giant’s petition, the top court on Monday overturned a lower court’s ruling and said the National Company Law Tribunal can continue hearing the case but must not give a final nod till further orders. The court also sought written statements from Future Retail Ltd. and said it will hear the case after three weeks. Future’s stocks and bonds fell. ”In the meantime, the NCLT proceedings will be allowed to go on but will not culminate in any final order of sanction of scheme,” according to the order posted on the court’s website. Read more.
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