On March 22, the Delhi HC stayed a single judge's order restraining Future Retail from going ahead with the deal with Reliance Retail to sell its business.
The deal, which is contested by Amazon, is facing legal hurdles and a decision from the Supreme Court is pending over the petition filed by the e-commerce major.
Amazon had moved the top court against the order of the high court division bench which paved the way for the Reliance-FRL deal.
A bench comprising Justices R F Nariman and B R Gavai issued notices to Future Retail Ltd, Chairperson Kishore Biyani and others and sought their replies.
In August last year, Future group had entered into a deal with billionaire Mukesh Ambani's RIL to sell its retail, wholesale, logistics and warehousing units.
A division bench of the Delhi High Court has stayed the operation and effect of order passed by the single judge ordering a status quo in the deal between Future group and Reliance.
The bench declined Amazon's request to keep its order in abeyance for a week so that it can explore appropriate remedies.
Future Retail contended that Amazon was not concerned if the deal falls through then all the shops of the Indian company would be closed down.
The markets regulator has also barred Biyani from selling, buying or dealing in securities of Future Retail for two years over a case relating to alleged insider trading.
Justice J R Midha, on Tuesday, said the court was satisfied that an immediate interim order was required to be passed to protect the rights of Amazon.
In the petition, Amazon sought enforcement of the Singapore arbitrator's ruling in October against its partner Future's Rs 24,713 crore deal with Reliance.
Biyani said Future Group had approached them several times after its retail business was massively hit after the lockdown and its debt level zoomed.
The survey also showed that 65 per cent of individual shareholders believe that independent directors in listed companies are not acting to protect the interest of minority shareholders.
Senior lawyer Harish Salve, representing Future Retail, had earlier likened Amazon to the East India Company for misrepresenting its legal rights.
The company, which is owned by the family members of former AP Chief Minister N Chandrababu Naidu, said sale proceeds shall be mainly utilised for the repayment of its term loans.