Delhi High Court restrains Rs 24,713-crore Future-RIL deal

The HC directed attachment of properties of Kishore Biyani and others related to Future Group

The Delhi High Court 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 ecommence giant Amazon.

Justice J R Midha directed Kishore Biyani-led FRL not to take further action on the deal and held that the group wilfully 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.

Also read — SC notice to Future Retail Chairperson Kishore Biyani, others on Amazon's plea

The court directed 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 three months under civil prison for violating the emergency arbitrator's order.

The 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 emergency arbitration over alleged breach of a contract between them.