In a major relief to Kishore Biyani-led Future Group, the Supreme Court has stayed the proceedings before Delhi High Court related to attachment of assets owned by Future Coupons and Future Retail for four weeks. The bench comprising CJI NV Ramana and Justices Surya Kant and AS Bopanna also directed that no statutory authority — NCLT, CCI, Sebi — will pass ant final order in relation to the Amazon Future dispute for four weeks.
“Nothing will happen in four weeks. Issue notice. Taking into consideration the challenge to Emergency Arbitrator award is pending before tribunal under SIAC Rules,” the Court said, according to Bar and Bench.
In March, a single judge bench of Delhi High Court had ordered the attachment of Future Group’s assets based for breach of an emergency Award passed in Amazon’sfavour by a Singapore-based arbitrator which halted the merger deal between Future Retail Limited and Reliance group. The single bench had also issued a show-cause notice for civil arrest of Biyani and other directors of Future Group
The top court on August 6, delivered a judgment favouring Amazon by upholding Singapore EA’s award, restraining the Rs 24,731 crore FRL-Reliance Retail merger deal, as valid and enforceable under Indian arbitration laws.
The EA of Singapore International Arbitration Centre (SIAC) had on October 25 last year restrained the Future group from going ahead with its Rs 24,731 crore deal with Reliance Industries to sell its retail and wholesale business, and the logistics and warehousing business.
Also Read: Future-Reliance Retail merger deal: FRL seeks early hearing of appeal in SC against HC order
Amazon, which has 49 per cent stake in one of Future”s unlisted firms, Future Coupons Ltd had approached SIAC.
In August last year, Reliance Retail Ventures Ltd (RRVL) had said it would acquire the retail and wholesale business, and the logistics and warehousing business of Future Group for Rs 24,713 crore.
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