The Future Group has received major relief from the Delhi High Court in a major dispute between the retail business between Future Group, Reliance and Amazon. The Delhi High Court has stayed the 18 March order of the Single Judge Bench. Now the assets of Kishore Biyani, head of Future Group, will not be confiscated. The next hearing of the case will be held on April 30 in the High Court. The Delhi High Court has given notice to ANZON, withholding the order to seize Biyani’s property in this case.
Actually, this notice has been given on the application of Future Group and Future Coupons. The Future Group approached the Delhi High Court against the ban on going ahead with the Rs 24,713 crore deal with Reliance. After which the Delhi High Court has ruled in favor of Future Group.
The agreement was stopped with Reliance
Earlier, the single bench of the Delhi High Court, barring the decision by the Singapore Emergency Arbitrator, prohibited the Future Group from pursuing the deal with Reliance Retail. The court stayed the Reliance-Future Group deal while giving a ruling on the petition of the giant e-commerce company Amazon. Justice JR Midha, while directing the Kishore Biyani-led FRL not to take further action on the deal, had said the group violated the Singapore arbitrator’s order.
Biyani’s property will no longer be confiscated
After the latest decision of the Delhi High Court, now the assets of Kishore Biyani, head of Future Group, will no longer be confiscated. In fact, on April 28, Kishore Biyani of Future Group and others were directed to appear in the Delhi High Court. Kishore Biyani approached the Delhi High Court against this decision. Even the court had given instructions to attach the property of Kishore Biyani. Along with this, the High Court has also questioned them why they should not be kept in detention in the civilian jail for three months for violating the order of the Emergency Arbitrator.
What is the matter?
In August 20019, an agreement was made to buy 49 per cent stake of Future Coupons Limited, an unlisted company of Amazon Future Group. Future Coons holds a 7.3 per cent stake in Future Group’s BSE listed company Future Retail. Amazon had also signed an agreement with Future that it could also buy information details between 3 and 10 years.
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