The Supreme Court on Tuesday, February 1 2022, set aside Delhi High Court orders including the refusal to grant a stay on an arbitration tribunal decision which had restrained Future Retail Ltd from going ahead with its merger deal with Reliance Retail.
A Bench comprising Chief Justice N.V. Ramana and Justices A.S. Bopanna and Hima Kohli remanded the pleas of Future group firms relating to arbitral award on merger deal with Reliance Retail back to the Delhi High Court.
“We set aside the impugned orders dated February 2, 2021 and March 18, 2021 and other impugned order dated October 29, 2021. We direct the learned (HC) judge to consider issue and pass an order on its own merits uninfluenced by observations,” the Bench said in its order.
New Bench
The CJI said he would request the Chief Justice of the Delhi High Court to set up a Bench for speedy disposal of the case.
US e-commerce major Amazon has been opposing the Future group decision to go ahead with the ₹24,731 crore merger deal of Future Retail Ltd (FRL) with Reliance Retail.
The U.S. firm got the Emergency Award (EA) of the Singapore International Arbitration Centre (SIAC) in its favour which restrained Future group from going ahead with the merger deal.
The EA award has been upheld in the final arbitral award of October, 2021.
The High Court refused to stay the final arbitral award and by another order, it had imposed costs of ₹20 lakh on the Future Group and others associated with it and ordered attachment of their properties.