Future Coupons Private Ltd. has moved the Supreme Court to stay an order passed by the Delhi High Court to attach the assets of Future Coupons, Future Retail and Future Group promoter Kishore Biyani.
A Single Judge of the Delhi High Court had ordered the attachment of assets in March. It had directed the Future group firms and promoters to file their affidavits giving details of their assets for violating an Emergency Arbitrator award.
On August 6, the Supreme Court had ruled in favour of e-commerce giant Amazon against the proposed ₹24,713-crore merger deal between Future Retail Ltd. (FRL) and Reliance Retail.
A Bench of Justices Rohinton F. Nariman and B.R. Gavai had upheld the validity and enforceability of a Singapore-based Emergency Arbitrator (EA) award, which had restrained FRL, India’s second-largest offline retailer, from going ahead with the disputed transaction.
The EA, in an award in October last year, had injuncted FRL “from taking any steps to complete the disputed transaction with entities that are part of the MDA Group”
The judgment authored by Justice Nariman had dismissed FRL’s argument that the “Emergency Arbitrator is not an arbitral tribunal” under the Arbitration and Conciliation Act of 1996.