Future Retail Appeals To The Supreme Court

Future Retail appeals to the Supreme Court, saying – If a deal is not done with RIL, the company will sell at the cost of cash.

Kishor Biyani-controlled Future Retail Limited (FRL) has approached the Supreme Court against a decision of the Delhi High Court.

The company has sought a stay of the Delhi High Court’s decision in which it transferred most of its business in the hands of Mukesh Ambani-controlled Reliance Retail Ventures Limited (RRVL) to FRL for Rs 24,713 crore, on a plea by US e-commerce giant Amazon Inc. was prohibited from selling.

In its petition, the company has said that if the decision of the Delhi High Court does not stay, then there will be a liquidation of the company and in that case, no value of the company will be available.

Future Retail has said in its petition that, ‘This will create a danger of sinking about Rs 28,000 crore of the general public in the form of bank loans.

With this, the challenge of livelihood will arise in front of the families of more than 35,575 employees of the company.

Future Retail, in the information given to the stock exchanges on Saturday, said that it has filed a special leave petition (SLP) in the SC against the orders issued by a single bench of the Delhi High Court.

The petition is expected to be heard soon.

Future Retail had entered into a deal to sell most of its business to RRVL in August last year. Amazon, which had invested in a Future Group company in the year 2019, objected to the deal and approached the emergency tribunal in Singapore.

There the decision came in favor of Amazon, on the basis of which it filed a petition in the Delhi High Court to stay the deal of FRL and RRVL.

A single-judge bench of the Delhi High Court had on February 2 upheld the contention of the Singapore Emergency Tribunal and ordered status quo on the deal.

Gold Price: Gold became cheaper last week, the price of silver rose, know the rates of gold, silver every day

There was an overall decline in the price of gold last week.

According to the website of the India Bullion and Jewelers Association (IBJA), a total of Rs 262 per 10 grams was broken in gold in five trading sessions between August 23, 2021, and August 27, 2021.

At the same time, the price of silver has increased by Rs 233 per kg during the same period. The trend of volatility in the prices of gold and silver was as follows.