RIL Share Price Rises After Delhi High Court Lifts ‘Status Quo’ Order of Reliance-Future Deal

Reliance Industries share price rose a percent in the early trade on Tuesday after Delhi High Court has stayed the Single Judge Bench order directing “Status Quo” of Future Retail Limited (FRL)-Reliance deal.

The Delhi High Court order said that Amazon had no reason to seek a status quo order, when it was not interested in the deal.

Statutory bodies such as the Securities and Exchanges Board of India (Sebi) and Competition Committee of India (CCI) were not present before the Delhi High Court, according to CNBC-TV18.

However, the Delhi High Court could not have restrained statutory authorities such as Sebi.

“The Hon’ble (Honourable) Court also observed that statutory authorities cannot be restrained in private litigation from acting in accordance with the law,” Future Retail said in a stock exchange filing, Moneycontrol reported.

The court, in its order, has also noted that the directions passed are only prima facie, will not come in the way of orders to be passed by the single judge bench.

“We are not inclined to deal with issues raised, as the single judge bench order is yet to be pronounced,” it said, as per reports.

At 09:18 hrs, Reliance Industries was quoting at Rs 1,966.40, up Rs 14.95, or 0.77 percent on the BSE.

The share touched its 52-week high Rs 2,368.80 and 52-week low Rs 867.45 on 16 September, 2020 and 23 March, 2020, respectively.

Currently, it is trading 16.99 percent below its 52-week high and 126.69 percent above its 52-week low.