Amazon-Future case: Delhi HC stays March 18 order upholding emergency award
The bench also stayed the single judge order to attach assets of Future Group's Kishore Biyani and others directing them to appear in the court on April 28.
The bench also stayed the single judge order to attach assets of Future Group's Kishore Biyani and others directing them to appear in the court on April 28.
Earlier this month, the Delhi High court had stayed a previous order on status quo of the RIL-Future deal in an interim order.
SAT, however, has directed Future Group promoters to deposit a sum of Rs 11 crore as an interim measure. The case will now come up on April 12, 2021.
In August last year, Future group had entered into a deal with billionaire Mukesh Ambani's RIL to sell its retail, wholesale, logistics and warehousing units.
Salve stated that FRL had no agreement with Amazon and the agreement was only between Amazon and FRL's investor, Future Coupons Pvt Ltd (FCPL).
In its petition, Amazon sought enforcement of the Singapore arbitrator's ruling in October against its partner Future's Rs 24,713 crore deal with Reliance.
Future Retail Ltd's shares hit the upper circuit of Rs 81.35, rising 4.97 per cent from the previous close.
Future Group shares were also in heavy demand, rising up to 10 per cent.
He said Amazon only held shares in Future Coupons Ltd (FCL), a shareholder in Future Retail (FRL), and thus had no say in the affairs of FRL.
FRL had said it was examining the communication and the order and noted that it was not a party to the agreement under which Amazon had invoked arbitration proceedings.
