The issue of the deal between Reliance and Future Group is increasing. Now Future Group has approached the Delhi High Court against the ban on going ahead with the Rs 24,713 crore deal with Reliance (RIL). The bench of Delhi High Court Chief Justice DN Patel and Justice Jasmeet Singh will hear on this appeal of Future on March 22.
Reliance-Future Group prevented from pursuing the deal- A single bench of the Delhi High Court, while hearing a petition by e-commerce company Amazon (Amazon), has stopped Future Group from moving ahead with the agreement with Reliance. A bench of Justice JR Midha said in an order on March 18 that the Future Group had disregarded the Singapore Emergent Arbitrator (EA) order. For this, the court has asked the group to deposit 20 lakh rupees in the Prime Minister’s Relief Fund within two weeks.
Singapore arbitrator banned the deal
Amazon in its petition had appealed to implement the order of 25 October 2020 of Singapore Arbitration. The arbitrator, in its order, prevented the Future Group from going ahead with the Rs 24,713 crore deal with Reliance.
Order to attach Kishore Biyani’s property
Hearing Amazon’s petition in this regard, a single bench of the High Court has asked Kishore Biyani and others to appear before the court on April 28. Apart from this, the single bench has attached the assets of Biyani and others and asked everyone to submit an affidavit regarding their properties within a month.
Now the Future Group has appealed against this order of single bench through advocate Harshvardhan Jha.
What is the whole 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.
On August 29, 2020, the Future Group in its contract announcement with Reliance, in which it had signed an agreement to sell its retail and wholesale business to Reliance Retail, said it had an agreement with Reliance Industries for Rs 24,713 crore. Amazon challenged against this before a one-member emergency bench at the Singapore International Arbitration Center in October 2020. Amazon alleged that it had disobeyed a contract with Reliance to sell the business with Reliance.
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