Delhi HC: Future Group's Plea Seeking Termination Of Singapore Arbitration Order Dismissed

04 January 2022, Mumbai:

The Delhi High Court dismissed both the petitions filed by Future Coupons and Future Retail seeking termination of SIAC's order.

In a major setback to Future Group, the Delhi High Court on Tuesday dismissed Future Group's plea seeking termination of the order passed by the Singapore International Arbitration Centre (SIAC). The Delhi High Court dismissed both the petitions filed by Future Coupons and Future Retail seeking termination of SIAC's order.

Future Retail Ltd (FRL), along with its promoters, approached the High Court of Delhi against the orders passed by the Singapore International Arbitration Centre (SIAC) last week related to the Future-Reliance deal.

Future Retail filed a writ petition before Delhi High Court seeking to halt arbitration proceedings in light of CCI order.

The Singapore tribunal had on December 30 refused to consider the Future group's request for terminating the arbitration proceedings before the commencement of the final hearing this week.

In August 2020, the Future group had announced Rs 24,713-crore deal for the sale of the retail and wholesale business and the logistics and warehousing segment to Reliance Retail Ventures Ltd, a subsidiary of Reliance Industries Ltd.

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 (The news article has not been edited by DFU Publications staff)

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