Future Group has challenged the single judge’s order upholding the Singapore's Emergency Arbitrator's (EA) order restraining Future Retail (FRL) from going ahead with its Rs 24,713 crore deal with Reliance Retail to sell its business. The Group filed the appeal through its advocate. Justice J R Midha had rejected all objections raised by Future Group and imposed a cost of Rs 20 lakh on the Future Group and its directors and directed them to deposit the amount in Prime Minister's Relief Fund within two weeks for being used for providing COVID-19 vaccination to senior citizens of Below Poverty Line (BPL) category of Delhi.
The High Court had also ordered attachment of their properties and asked them to file an affidavit detailing their assets as of today within one month. It had also asked them to show cause as to why they be not detained under civil prison for a term not exceeding three months for violating the emergency arbitrator's order and file reply within two weeks.
The single judge had held that the EA is an arbitrator for all intents and purposes and he had rightly invoked the 'Group of Companies' doctrine in relation to the Future Group companies.
