scorecardresearch
Follow Us:
Wednesday, April 21, 2021

Delhi HC restrains Future Group from moving ahead with Rs 24,000 crore Reliance deal on Amazon’s plea

Future Group and Amazon have been locked in a battle after the US-based company took FRL into the emergency arbitration over alleged breach of a contract between them.

By: PTI | New Delhi |
March 18, 2021 6:11:29 pm
Future groupThe Delhi High Court directed the Future Group and its directors to deposit Rs 20 lakh cost in the Prime Minister's Relief Fund. (Representational)

The Delhi High Court on Thursday upheld the 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 US-based e-commence giant Amazon.

Justice J R Midha directed Kishore Biyani-led FRL not to take further action on the deal and held that the group willfully violated Singapore Arbitrator’s order.

The high court directed the Future Group and its directors to deposit Rs 20 lakh cost in Prime Minister’s Relief Fund for providing Covid-19 vaccines to senior citizens of Below Poverty Line (BPL) category.

The court asked for the presence of Biyani and others before it on April 28 as also attachment of their properties.

The high court asked them to show cause as to why they should not be detained for 3 months under civil prison for violating emergency arbitrator’s order.

The high court’s order came on Amazon’s plea seeking direction to order enforcement of the award by Singapore’s EA on October 25, 2020, restraining FRL from going ahead with its Rs 24,713 crore deal with Reliance Retail.

Amazon, in its interim plea, has sought to restrain FRL from taking any steps to complete the transaction with entities that are a part of the Mukesh Dhirubhai Ambani (MDA) Group.

Future Group and Amazon have been locked in a battle after the US-based company took FRL into the emergency arbitration over alleged breach of a contract between them.

📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines

For all the latest India News, download Indian Express App.

  • The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.
0 Comment(s) *
* The moderation of comments is automated and not cleared manually by indianexpress.com.
Advertisement
Advertisement
Advertisement
Advertisement
x