HC stays order restraining FRL to go ahead with Reliance deal
The Delhi High Court on Monday stayed a single judge's order restraining Future Retail Ltd from going ahead with its Rs 24,713 crore deal with Reliance IndustriesRetail to sell its business, which was objected to by US-based ecommerce giant Amazon.
A division bench of Chief Justice D N Patel and Justice Jasmeet Singh also issued notice to Amazon on Future Group's appeal challenging the single judge's March 18 judgment on the deal.
The bench listed the matter for further hearing on April 30.
It also stayed the single judge order asking for attachment of assets of Future Group's Kishore Biyani and others and directing them to appear in the court on April 28.
The single judge's order had come on Amazon's plea seeking direction to order enforcement of the award by Singapore's Emergency Arbitrators on October 25, 2020, restraining Future Retail from going ahead with its Rs 24,713 crore deal with Reliance Retail.
Last week, The Delhi High Court upheld Singapore's Emergency Arbitrator's (EA) order, restraining Future Retail Ltd (FRL) from going ahead with its Rs 24,713 crore deal with Reliance Retail to sell its business, which was objected to by Amazon.
Justice J R Midha directed Kishore Biyani-led FRL not to take further action on the deal, and held that the group wilfully violated Singapore Arbitrator's order.
The high court directed the Future Groupand its directors to deposit Rs 20 lakh cost in Prime Minister's Relief Fund for providing COVID-19 vaccines to senior citizens of the Below Poverty Line (BPL) category.
In fact, the high court asked the group to show cause as to why they be not detained for three months under civil prison for violating the emergency arbitrator's order.
(Disclaimer: Additional background information has been added to this PTI copy for context)