Reliance-Future deal
Big boost for Amazon as Delhi High Court halts Future-Reliance deal upholding Singapore arbitrator's order
Delhi/IBNS: The Delhi High Court has restricted Future Retail from selling its business to Reliance Retail, which was challenged by e-commerce giant Amazon, upholding the Singapore International Arbitration Centre's order, said media reports.
Justice JR Midha ruled that Kishore Biyani-led Future Retail wilfully violated the ruling of Singapore arbitrator and directed it to not take forward Rs 24,713 crore deal.
The High Court asked the Future Group and its directors to show cause why they should not be detained for three months for violating the earlier ruling of Singapore arbitrator under the civil provisions.
It also asked Kishore Biyani and directors to be present in the court for the next date of hearing on April 20.
They were asked to deposit Rs 20 lakh in Prime Minister's Relief Fund to provide Covid-19 vaccine to financially disadvantaged senior citizens.
The high court gave its order after Amazon approached it with the request to enforce Singapore International Arbitration Centre's October 25, 2020 order that restrained the sale of Future Group's retail assets to Reliance Retail.
Amazon had taken Future Group into the emergency arbitration accusing it of breach of contract.
Amazon had objected to the sale saying the deal breached agreements Future Group made with the US e commerce giant in 2019. It won an injunction to halt the sale from a Singapore arbitrator that both the entities had agreed to use in case of dispute, added the report.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
