In a major relief to the Future Group, the Supreme Court today quashed the previous orders of the Delhi High Court, in which adverse remarks and coercive action were taken against the Future Group. was involved. The issue of forcible enforcement of the emergency order in Future Group’s dispute with Amazon has been referred to the High Court for fresh hearing on merit basis.
A Supreme Court bench headed by Chief Justice of India NV Ramana was delivering its verdict on a batch of petitions filed by Future Group companies for forcible enforcement of an order passed by an emergency arbitrator under the Singapore International Arbitration Center rules. was about to leave. In this, the Singapore International Arbitration Center had barred Future Group from a Rs 25,000 crore asset sale deal with a wholly owned subsidiary of Reliance Industries Ltd.
The group led by Kishore Biyani had challenged the orders of the Delhi High Court passed in February 2021, which directed the implementation of this emergency order and made adverse remarks against the promoters of Future Group and Biyani and other key persons in Future Group Management to take strict action.
The Supreme Court today quashed the order related to harsh measures and adverse remarks, while the issue related to the implementation of the emergency award has been referred to the High Court and the Supreme Court has said that it will be reviewed afresh. There should be a hearing.
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The legal battle between Amazon and Future began in 2020 when Amazon called for arbitration following the announcement of Future Retail’s asset sale deal with Reliance Retail, a wholly owned subsidiary of Reliance Industries Ltd. Amazon claimed that its deal with Future Coupons also prevented Future Retail from entering into agreements with certain companies, including the Mukesh Dhirubhai Ambani Group, as a related party. On the other hand, Future Coupons claimed that it is not bound by the deal between Amazon and the promoter firm of Future Retail.
The property sale deal between India’s two leading retailers was stalled by an emergency arbitrator in October 2020 and the validity of the order was finally confirmed by the Supreme Court in August 2021.
(Disclaimer: Network 18 Media & Investment Ltd. is owned by Independent Media Trust. Its beneficiary company is Reliance Industries.)
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