March 23, 2021 3:15:05 am
THE DELHI High Court on Monday stayed the single Bench order directing attachment of the properties of Future Group CEO Kishore Biyani and the company’s promoters. The single Bench, last week, had also ordered Future Group not to take any action in violation of the emergency arbitrator’s award, which last year restrained it from transferring its retail assets to Reliance, and imposed a cost of Rs 20 lakh on it.
The division Bench of Chief Justice D Patel and Justice Jasmeet Singh said the single Bench verdict of March 18 will remain stayed till the next date of hearing, April 30. It also issued notice to Amazon in the appeal filed by Future against the order passed by the single bench last week.
While upholding the validity of an award passed by an Emergency Arbitrator in Singapore last year against Future Group’s deal with Reliance Retail, Justice J R Midha, in the order passed on March 18, had also issued a notice to the company’s Biyani and its promoters asking that why should they not be put in a civil prison for three months for violation of the arbitrator’s award. The court held that Emergency Arbitrator is an arbitrator for all intents and purposes and its order is enforceable as an order of the High Court under Section 17(2) of the Arbitration and Conciliation Act.
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