Delhi High Court restrains Future Retail’s sale to Reliance Retail

The Delhi High Court has upheld 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.

As per Economic Times, Justice J R Midha directed Future Retail to stall the deal and deposit Rs 20 lakh in Prime Minister's Relief Fund for providing COVID-19 vaccines to senior citizens of Below Poverty Line (BPL) category.

The court directed the presence of Biyani and others before it on April 28 besides attaching their properties.

The high court's order came on Amazon's plea seeking direction to order enforcement of the award by Singapore's EA on October 25, 2020, restraining FRL from going ahead with its Rs 24,713 crore deal with Reliance Retail.

Amazon, in its interim plea, has sought to restrain FRL from taking any steps to complete the transaction with entities that are a part of the Mukesh Dhirubhai Ambani (MDA) Group.