Kishore Biyani-led Future Retail said on Friday that the order of a single bench of the Delhi High Court would not have any bearing on the ongoing hearing in the National Company Law Tribunal (NCLT) on the Rs 24,713 crore deal with Reliance Industries. The company also said that it is considering taking appropriate treatment of the ‘order’. In a notice to the stock market, Future Retail said that in relation to the instructions of Judge JR Midha, the promoters of the company will take appropriate steps as per the advice. The company indicated that an appeal could be filed against the order.
The company said, ‘We have been advised that this order will not affect the proceedings in the NCLT. This is not in line with the Supreme Court’s order dated 22 February 2021. The company said that the ‘effective’ portion of this order is already included in the interim order dated 2 February 2021. On the appeal of Future Ritle, a bench of the Delhi High Court has stayed against him. According to Future Retail, ‘Amazon has appealed against the order of the bench of the Delhi High Court to the Supreme Court. The court has not quashed the stay order of the High Court bench in its order on the appeal of Amazon and it is still in effect.
The hearing will continue in NCLT
The Supreme Court has directed that NCLT will be allowed to continue proceedings on the Future-Reliance deal but no final order will be issued regarding the approval of the acquisition plan. Judge Midha in his 134-page order, Future Retail Ltd led by Kishore Biyani. (FRL) was directed not to take any further action on the deal made with Reliance Industries. It also said that the group willfully violated the order of the Emergency Tribunal (Emergency Arbitrator-EA) of Singapore’s Arbitral Decision Center.
High court order came on Amazon’s petition
This order of a single bench of the High Court has come on the petition of Amazon. The petition urged the Singapore International Arbitrator Center (SIAC) to direct the EA to implement the order dated October 25, 2020, which barred FRL from proceeding with the Rs 24,713 crore deal with Reliance Industries. is. A bench of Justice Midha dismissed all objections of the Future Group and imposed a compensation of Rs 20 lakh on the company and its directors. The Future-Reliance deal has been approved by the Competition Commission, SEBI (Securities and Exchange Board of India) and the stock exchanges. The plan is now awaiting approval from NCLT and shareholders.