Kishore Biyani-led Future Retail Ltd according to newspaper reports has said it has approached the Supreme Court against an order passed by the Delhi High Court to maintain the status quo in relation to its `Rs. 24,713 crore deal with Reliance Retail and directing it to enforce the order of the Singapore-based Emergency Arbitrator.
The company has filed a special leave petition before the Hon’ble Supreme Court of India against the impugned orders dated 2nd February 2021 and 18th March 2021 passed by ‘Ld. Single Judge. According to a notification to the exchanges, the promoters comprising of Future Coupons, Future Corporate Resources Pvt Ltd, Akar Estate and Finance Pvt Ltd, Kishore Biyani, Rakesh Biyani and other members of the Biyani family have lodged a Special Leave Petition (SLP) challenging orders passed by the Delhi High Court in March this year.
Justice J R Midha said the court was satisfied that an immediate interim order was required to be passed to protect the rights of Amazon. The development follows last week’s Supreme Court’s order wherein Amazon scored a major victory with the apex court upholding the Singapore International Arbitration Centre’s emergency arbitrator (EA) award restraining FRL from going ahead with its deal with the Mukesh Ambani-led company.
The SC said an award of an EA is enforceable under the Indian Arbitration and Conciliation Act. The Delhi High Court had ruled that Biyani and Future had deliberately and willfully violated the Singapore tribunal order and imposed a fine of Rs 20 lakh on them, payable to the Prime Minister’s Relief Fund.
IiMAGE: Deccan Herald
