Future Group companies and Biyani family move SC against HC order

NEW DELHI:  Days after the Supreme Court ruled in favour of Amazon and in its long-running dispute with Kishore Biyani-led group on its merger deal with Reliance Limited, the Future group promoters have approached the apex court against the seizure of assets belonging to the company and its founder Kishore Biyani.

According to a notification to the exchanges, the promoters comprising of Future Coupons, Future Corporate Resources Pvt Ltd, Akar Estate and Finance Pvt Ltd, Kishore Biyani, Rakesh Biyani and other members of the Biyani family have lodged a Special Leave Petition (SLP) challenging orders passed by the Delhi High Court in March this year.

“These proceedings are likely to be listed and heard by the Supreme Court ,”the statement said. As a legal remedy, the Future Group has approached the Supreme court but it remains to be seen if there is any apparent shifting of the odds in favour of the petitioner.

Lawyers TNIE spoke to said the average odds of success for a civil SLP in the Supreme Court is just under 50%. The Delhi High Court had ruled that Biyani and Future had deliberately and wilfully violated the Singapore tribunal order and imposed a fine of Rs 20 lakh on them, payable to the Prime Minister’s Relief Fund.

Tussle to decide the fate of Future and its lenders
The apex court too backed the Singapore’s Emergency Arbitrator (EA) award restraining the Future group from going ahead with its Rs 24,731 crore deal with Reliance to sell its retail and wholesale business, and
the logistics and warehousing business.