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Delhi HC stays order restraining Future Group to go ahead with Reliance deal

The matter will next be heard next on April 30

kishore-biyani Future Group promoter Kishore Biyani | File

The Delhi High Court on Monday stayed its last week’s order upholding an emergency arbitrator award restraining Future Retail Limited (FRL) from going ahead with its assets sale deal with Reliance Retail. 

A Division Bench of Chief Justice D.N. Patel and Justice Jasmeet Singh stayed the March 18 order of Justice J.R. Midha ordering attachment of the assets of Future Coupons Private Limited (FCPL), FRL, Kishore Biyani and 10 others promoters.

Senior Advocate Harish Salve appeared for Future Retail Ltd and sought for stay of the single bench order, which had also imposed a cost of Rs 20 lakhs on Future Group and its promoters including Kishore Biyani.

According to a LiveLaw report, Salve submitted that the matter was under consideration before the Supreme Court in the SLP filed by Amazon against an earlier stay order passed by the division bench with respect to the status-quo order passed by the single bench on the Future-Reliance deal.

After hearing the parties, the court decided to stay the single judge order. The matter would be heard next on April 30.

The single judge's order had come on Amazon's plea seeking direction to order enforcement of the award by Singapore's Emergency Arbitrator's on October 25, 2020, restraining Future Retail from going ahead with its Rs 24,713 crore deal with Reliance Retail.

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