Future Group moves SC against Delhi HC order in Amazon case

Future group moves Supreme Court and requested to set aside the orders passed by the Delhi HC

Kishore Biyani, Rakesh Biyani, the Future group promoters along with several group holding companies have approached the Supreme Court of India against an order passed by the Delhi High Court which directed to enforce the order of the Emergency Arbitrator based on Singapore.

 

The Biyani's along with the other group holding companies including Future Coupons, Future Corporate Resources, Akar Estate and Finance has filed Special Leave Petitions (SLP) against Amazon.com NV Investment Holdings LLC before the Supreme Court.

 

A regulatory filing by a group firm Future Retail Ltd said that the promoters have requested Supreme Court to set aside the orders passed by the Delhi High Court for implementation of the order passed by the Emergency Arbitrator (EA) on October 25, 2020.

 

After passing an interim order, the EA of Singapore International Arbitration Centre (SIAC) had restrained the Future group from going ahead with its rupees 24,731 crore deal with Reliance Industries on October 25, 2020 to sell its retail and wholesale business as well as the logistics and warehousing business.

 

The e-commerce giant, Amazon who has 49 percent hold in one of Future's unlisted firms, Future Coupons Ltd had approached SIAC.

 

The Future group deal was contested by the e-commerce giant who is an investor in Future Coupons and also a shareholder in Future Retail Ltd.

 

The Delhi HC had sustained Amazon's plea on August 6 and ruled in favour of Amazon and held that an award of an EA of a foreign country is enforceable under the Indian Arbitration and Conciliation Act.

India Scanner News Network

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