Reliance-Future deal
Big relief for Kishore Biyani-led Future Retail as Delhi HC stays March 18 order restraining deal with Reliance
New Delhi/IBNS: The Delhi High Court on Monday 'stayed' the March 18 order of Delhi High Court's single-judge bench that restrained Future Retail Ltd's (FRL) Rs 24,713 crore deal with Reliance Retail, which was objected to by US-based e-commerce giant Amazon, media reports said.
A division bench of Chief Justice D N Patel and Justice Jasmeet Singh issued a notice to Amazon on Future Group's appeal challenging the single bench ruling.
It also stayed the single judge order directing the attachment of the assets of Future Group's Kishore Biyani and others and asking them to appear in the court on April 28, said a Mint report.
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.
Future Group is trying to expedite the sale of its retail assets to pay its debtors to save its retail chain Big Bazaar from collapse, said 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.
Support objective journalism for a small contribution.
