Thread by @barandbench

Amazon bought shares in FCPL and let us see the agreement with FCPL : Salve

The agreement is between Amazon, FCPL and Biyanis. : Salve

Amazon may have acquired 25% of FCPL but what has he obtained? : Salve

I'll deal with clauses on restricted persons : Salve

It's not just the company or his 48% in the company: Salve continues to read the agreement.

If Amazon says it has complete control over FCPL, is that lawful? : Salve

What is argued is in the teeth of clause 15.17 : Salve

The clause says that Promoters and Amazon will not act in concert : Salve

This whole concept of minority rights being protected is nonsense: Salve

Thousands may lose jobs, FRL may go bankrupt but this great American giant should not be upset : Salve

Compare the figures invested by Amazon and what Reliance is offering.. what is the amount needed to rescue FRL : Salve

Please Mr Amazon stop interfering .. I'm entitled to say that and salvage my company: Salve

What did they tell the CCI. There has been a deafening silence: Salve

A clean shaven person is trying to join a race only for bearded people saying that it could have grown a beard : Salve

I've not entered into any agreement with Amazon and I can prevent him from representing to the world that I need his permission to save myself: Salve

My suit is not limited merely to the award. My suit is wider. He asserts that he has rights : Salve

Amazon says there is no agreement with Reliance yet. So what is the problem? It's the transfer to Reliance: Salve

He tells the whole world I'm breaching his contract: Salve

This is semantics going to another level: Salve

I have squarely alleged that there is consent to the transaction. His case before the Emergency Arbitrator.. please see it : Salve

They went ahead and said that they got to know about it in September: Salve

His case is that I've not produced any agreement: Salve

Amazon is not a shareholder in FRL. How can he complain : Salve

As a matter of company law, only a board resolution is required for a scheme and all directors voted: Salve

There is a fiduciary duty to shareholders when FRL is sinking: Salve

Even if there were nominee directors, they own a fiduciary duty to shareholders: Salve

You have arrogance but you don't have any contractual rights : Salve

Did Biyanis do it to save the company? I don't think there's a dispute here. If your well made plans fell apart, then be it. : Salve

Matter will be worked out between Amazon and Biyanis: Salve

Amazon says I was aware of its contractual rights.. it relies on common solicitors and promoters..this was rejected by Supreme Court in a case : Salve

Salve reads the judgement.

Salve is reading the RIL-RNRL judgment.

Amazon referred to the list of restricted persons. The list in FRL SHA is as intimated from time to time : Salve

In contrast, FCPL SHA has a schedule of restricted person: Salve

My list is as would be informed by the promoters. There is a check and safeguard which is not compromised: Salve

The promoters have to act in the interest of the company: Salve

For sale of retail assets of FRL, only FCPL consent is required: Salve

Foreign companies have three - three clauses to safeguard one right. Here they have no rights in FRL. But they say their consent in needed. How far are we from written contractual rights : Salve

You may go after Biyanis and I know that Biyanis have a good defence. It is not relevant to this case: Salve

You tried your luck coming through the cracks and failed : Salve

Salve argues on the point of foreign portfolio investment.

These are passive investment of less than 10% : Salve

Salve reads the relevant rules on FPI.

Salve reads the rules on downstream investment.

If they claim they have total control in FCPL.. but surely against me they have no such rights : Salve

Salve continues to read the relevant regulations.

One portfolio investor has to be less than 10% and multiple can be a max of 49% in a company: Salve

There is a limitation.. if investment does not result in transfer of ownership and control to an entity outside India : Salve

Here 15.17 in FCPL SHA is important. Amazon is asserting far and above of voting rights: Salve

Amazon has no voting rights or Board position but says that you dare not take a decision without me on saving yourself : Salve

Rights being asserted are way beyond shareholders rights. They say they will decide with whom FRL can and cannot do business: Salve

Restricted persons in not minority rights. It is anti competition rights: Salve

You have this right against FCPL and not FRL : Salve

Emergency Arbitrator was not familiar with the Indian ecosystem. He fell for the 10% portfolio investment: Salve

Duty of directors and law on control is well settled: Salve

I've asked my friend to circulate two leading cases on the subject: Salve

Salve reads the judgements.

FRL is a listed company with public Shareholding: Salve

Is FCPL listed? : Court

No : Salve

Salve continues to read a judgement.

Amazon says that without my permission, you will let FRL die. Power to strangulate is not minority rights : Salve

In today's day and age, to say that I will kill a 25k crore company.. god knows if Amazon still thinks that it's living during the time of the East India Company : Salve

Salve reads a judgement.

Salve is reading a judgement on the fiduciary duty of directors towards a company.

In a listed company, you cannot by agreement dilute this duty: Salve

Salve continues to read the judgement.

If shareholders can't decide how directors should behave in view of the fiduciary duty, how can Amazon conflate two agreements : Salve

How much more time will you take ?: Court

I'm more or less finished. I'll need 30 more mins : Salve

I'll continue tomorrow: Salve

There are four days holidays and then there is physical hearing day : Court

How much time will you take and then we'll see: Court

There's some work that Mr Khambata and I have divided.. we'll take an hour : Salve

We'll have it on Wednesday: Court

We have Tata matter on Wednesday: Senior Adv Abhishek Manu Singhvi

I have a matter on Thursday. If we can have half an hour in the morning on Thursday: Salve

Hearing adjourned till Thursday, November 19.