Future Group moves SC challenging Delhi HC order in Future-Reliance Retail deal
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13th August 2021, Mumbai:
The SC judgment perspectively had revived the 'Single Judge Bench order' which directed Kishore Biyani group the attachment of Future Coupons, Future group promoter assets to deal a blow.
It is to be mentioned here," Justice Midha had also imposed a ₹20 lakh fine on Biyani and directed Future Group to approach the authorities to recall all approvals granted to the Future-Reliance Retail deal".
The SC categorically asserted that the Singaporean arbitrator's decision that stalled the deal clearly holds merit and observed that Amazon India's arguments are valid as well as there is applicability on the same in the country.
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The SC earlier has already upheld last week's e-commerce biggie Amazon India's plea which sought a hold on the ongoing Rs 24,713 crore deal between Reliance Retail-Future Retail.
As a turn of events 'Future Coupons' is also likely to seek a stay of the HC order issuing a show-cause notice for the civil arrest of Biyani, and other Future directors which have upset the entire kart in this bitterly fought corporate deal where stakes are high on both sides of the table.
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