New Delhi: In a significant development, 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.
Hearing the matter, Justice J R Midha asked Kishore Biyani-led FRL not to take further action on the deal and held that the group wilfully violated Singapore Arbitrator’s order. Furthermore, the high court asked 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.
Moreover, the court also 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 be not detained for 3 months under civil prison for violating emergency arbitrator’s order.
The order from the high court 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.
IN its plea, Amazon 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.
(With inputs from PTI)