In the Delhi High Court, American e-commerce company Amazon has won a big victory. The court has stayed the deal worth Rs 24,713 crore of Future Retail and Reliance. The High Court has refused to let Future Retail proceed on this deal.
The Delhi High Court has declared the award of Emergency Arbitrator of Singapore as valid. The court rejected Future Group’s argument that the Emergency Award was ‘futile’.
The court has also imposed a fine of Rs 20 lakh on the group, which will have to be deposited in the PM Relief Fund. It will be used to give the corona vaccine to the elderly who fall under the Below Poverty Line (BPL) category.
Court gave notice to Kishore Biyani
Justice JR Middha of the Delhi High Court has issued a show-cause notice to Future Group CEO Kishore Biyani and others for violating the Emergency Award. The court has asked these people why they should not be ‘detained in civil jail’.
Apart from this, the High Court directed the confiscation of the properties of Biyani and others belonging to the group.
The court has also asked Biyani and others to appear during the next hearing on April 28. The Future Group has been asked to record any action taken in relation to the deal with Reliance after 25 October 2020.
Future Retail released a statement
A spokesperson for Future Retail has said that this decision will have no effect as the matter is already in the Supreme Court. The spokesman said, “The next hearing in the Supreme Court is expected in the last week of April 2021.”
A company spokesperson said, “Meanwhile, as per the interim order of 22 February 2021 of the Supreme Court, NCLT is allowed to continue its process but no final order can be given.”
