Future approaches Supreme court against Amazon
Team Udayavani, Aug 13, 2021, 10:13 AM IST
New Delhi: Future group promoters, including Kishore Biyani and several group holding companies, have approached the Supreme Court against an order passed by the Delhi High Court directing to enforce the order of the Singapore-based Emergency Arbitrator.
Kishore Biyani, Rakesh Biyani and other family members of the Biyani family along with the holding companies Future Coupons, Future Corporate Resources, Akar Estate and Finance has filed SLP against Amazon.com NV Investment Holdings LLC before the Supreme Court, said a regulatory filing by a group firm Future Retail Ltd.
They have requested to set aside the orders passed by the Delhi High Court in execution proceedings for enforcing the order passed by the Emergency Arbitrator (EA) on October 25, 2020, it added.
Passing an interim order, the EA of Singapore International Arbitration Centre (SIAC) had on October 25 last year restrained the Future group from going ahead with its Rs 24,731 crore deal with Reliance Industries to sell its retail and wholesale business, and the logistics and warehousing business.
Amazon, which has 49 per cent stake in one of Future’s unlisted firms, Future Coupons Ltd had approached SIAC.
“We would like to inform that as per information received from promoters of the Company comprising of Future Coupons, Future Corporate Resources, Akar Estate and Finance, Kishore Biyani, Rakesh Biyani and other family members of the Biyani family… have lodged a Special Leave Petition against Amazon.com NV Investment Holdings LLC before Supreme Court of India to challenge and set aside the orders passed by the Delhi High Court in execution proceedings for enforcing the Interim Order dated October 25, 2020, of the Emergency Arbitrator,” the filing said.
These proceedings are likely to be listed and heard by the Supreme Court, it added.
“We shall keep you informed about the further update in the matter,” said Future Retail.
In August last year, Reliance Retail Ventures Ltd (RRVL) had said it would acquire the retail and wholesale business, and the logistics and warehousing business of Future Group for Rs 24,713 crore. The scheme of arrangement entails the consolidation of Future Group’s retail and wholesale assets into one entity Future Enterprises Ltd and then transferring it to Reliance Retail.
The deal has been contested by Amazon, an investor in Future Coupons that in turn is a shareholder in Future Retail Ltd.
The apex court had on August 6 upheld Amazon’s plea. It had ruled in favour of Amazon and held that an award of an EA of a foreign country is enforceable under the Indian Arbitration and Conciliation Act.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Nifty, Sensex rally for 6th day running on firm Asian peers; Tech Mahindra jumps over 12%
IndiGo, Air India plan to purchase up to 170 wide-body planes in little over a year
Kotak Mahindra Bank shares tank 13%; mcap erodes by Rs 37,721 crore post RBI action
Four-day market rally makes investors richer by Rs 8.48 lakh crore
Kotak Bank barred from onboarding customers online, issuing fresh credit cards
MUST WATCH
Latest Additions
Kumaraswamy accuses political opponents of inducements in Bangalore rural elections
Bengaluru eateries butter up voter turnout with free dosa
Low voter turnout in Karnataka: Only 38.23% cast votes in 14 LS segments during first half of the day
Karnataka Polls: No Modi wave but anti-BJP wave, says CM Siddaramaiah
Cal HC directs NIA to file report on clashes in Murshidabad over Ram Navami celebrations