Get stay from Supreme Court or will halt deal, Delhi HC tells Future Group

NEW DELHI: The Delhi High Court has given the Future Group four weeks’ time to get a stay from the Supreme Court or it will implement the single-judge order halting the crucial Rs 24,713 crore deal with Reliance Retail to sell its business, which was objected to by Amazon.

Justice Suresh Kumar Kait, hearing Amazon’s plea for enforcement of the award by Singapore’s Emergency Arbitrator (EA) restraining Future Retail Limited (FRL) from going ahead with the deal, said that in the absence of any stay from the apex court, he has no option but to enforce the order passed by Justice JR Midha on March 18. 

Justice Midha had found the emergency arbitrator’s order against Future Group to be valid and enforceable. He had asked Future Retail and its promoters to seek recall of regulatory approvals granted for the deal with Reliance Retail in violation of the EA’s order. Since Justice Midha has retired, the matter now came up for hearing before Justice Kait.

Listing the matter for further hearing on September 17, the court said: “Either get a stay on March 18 order or comply with the order. This court has no third option.”Advocate Parag Tripathi, representing Future Coupons (FCPL) and other related parties, informed the high court that a special leave petition (SLP) against the March 18 order has already been filed before the Supreme Court.

However, the court observed that simply filing SLP will not help you. “You get the order of stay. I have only one option i.e to get the order implemented.” Advocate Gopal Subramanium, appearing for Amazon, said Justice Midha’s order was effective and had to be complied with.

No third option: HC

Listing the matter for further hearing on September 17, the court said: “Either get a stay on March 18 order or comply with the order. This court has no third option.”