Future Reliance Deal: Kishor Biyani Reaches Delhi High Court
Future Reliance deal: Kishor Biyani reaches Delhi High Court, demands Reliance to lift the stay on the deal.
Future Retail and its promoters have moved the Delhi High Court for a stay and quashing of the order of the Singapore Arbitration Tribunal (SIAC) on its Rs 24,713 crore deal with Reliance Retail.
The SIAC had given this order on October 21.
The Singapore International Arbitration Center (SIAC) had on October 21 rejected the plea of Future Retail Limited (FRL) seeking an interim stay on the deal with Reliance by the emergency arbitrator of SIAC on October 25 last year.
FRL said in a regulatory notice, “The company has filed a petition in the Delhi High Court against the impugned order dated October 21, 2021, issued by SIAC on its application for quashing of the interim order of the emergency arbitrator dated October 25, 2020. ”
The FRL has requested the High Court to “stay and set aside the impugned order dated October 21, 2021” and “alternatively, allow the company to hold a meeting of shareholders and creditors as prescribed by the NCLT (National Company Law Tribunal) Mumbai in its September 28 order.”
The SIAC had also said that Future Retail is a party to the ongoing arbitration between Amazon and Future Group in a dispute relating to the sale of assets of Future Group by Reliance Retail.
Future had argued before SIAC that it should be excluded from the arbitration proceedings as it was not a party to the dispute between its promoter Future Coupons Pvt Ltd (FCPL) and Amazon.
Amazon, which is trying to block the sale of Rs 24,713 crore of its retail, wholesale, logistics, and warehousing assets by Future to the retail arm of Reliance Industries.
Amazon has alleged that there was a tie-up between Reliance Retail Ventures Limited (RRVL) and Future. The deal violates its own deal with the Kishor Biyani-led company in 2019.
