Future Retail strikes HC in opposition to established order order on Reliance deal

New Delhi, February 3

Kishore Biyani-led Future Retail Ltd (FRL) moved the Delhi High Court on Wednesday against its single judge order directing the company to maintain status quo on its Rs 24,713-crore deal with Reliance Retail, which has been objected to by US-based e-commerce giant Amazon.

FRL’s appeal was mentioned before a Joint Registrar of the high court who allowed it to be listed for hearing on Thursday, a lawyer associated with the case said.

Biyani barred from securities market

Justice JR Midha on Tuesday said the court was satisfied that an immediate interim order was required to be passed to protect the rights of Amazon.

“Respondents (FRL) and other respondents are directed to maintain status quo as on today at 4:49 PM till pronouncement of the reserved order,” the judge had said. In August last year, Future had reached an agreement to sell its retail, wholesale, logistics and warehousing units to Reliance.

Amazon has approached the high court seeking direction to order enforcement of the award by Singapore’s Emergency Arbitrator (EA) restraining FRL from going ahead with its Rs 24,713-crore deal with Reliance Retail.

It has sought to restrain Kishore Biyani-led Future Group from taking any steps to complete the transaction with entities that are a part of the Mukesh Dhirubhai Ambani (MDA) Group.

Amazon.com NV Investment Holdings LLC, in its plea, has also sought detention of the Biyanis, directors of FCPL and FRL and other related parties in civil prison and attaching of their properties for alleged “wilful disobedience” of the emergency arbitrator’s order.

The HC reserved its order on Tuesday on the main petition and directed other authorities concerned to maintain status quo in relation to the matters which are in violation of the emergency award and to file status report with regard to the present status within 10 days. — PTI

Be the first to comment on "Future Retail strikes HC in opposition to established order order on Reliance deal"

Leave a comment

Your email address will not be published.


%d bloggers like this: