Delhi HC stays order restraining RIL-Future deal

Delhi HC stays order restraining RIL-Future deal
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22 Mar, 2021

The Delhi High Court on Monday stayed the single judge bench order from March 18 in the Future group-Reliance Industries (RIL) deal.  

The decision will remain in effect till the next hearing, the court said. The schedule for the next hearing could not be confirmed by TechCircle. 

Future Group had on Saturday said that it has appealed the Delhi HC order from March 18, which restrained the Rs 24,713-crore Reliance-Future Retail deal in favour of Amazon.  

In the March 18 order, Future Group founder Kishore Biyani and other directors were asked to attach all their assets, while facing possible detention. The court had also directed the group to deposit Rs 20 lakh in Prime Minister’s COVID fund to provide vaccines to senior citizens below poverty line. 

Future Group may approach the Supreme Court if the ruling is not favourable, Mint reported.  

The HC upheld an old interim order of the Singapore International Arbitration Centre (SIAC). At the time, Amazon had alleged that it had not been informed about the deal with Reliance, despite an earlier agreement with them during the contract of Future Coupons. This restrained Future Group from making any alliance involving asset sale with 30 specific companies including Reliance, without prior consent from Amazon.