On Thursday, the Delhi High Court upheld the Singapore International Arbitration Centre’s order restraining Future Retail from going ahead with its ₹ 24,713 crore deal with Reliance Retail to sell its business, which was challenged by US-based e-commence giant Amazon.
Justice JR Midha directed Kishore Biyani-led Future Retail not to take further action on the deal and held that the group wilfully violated the Singapore arbitrator’s order.
The high court directed the Future Group and its directors to deposit ₹ 20 lakh cost in Prime Minister’s Relief Fund for providing COVID-19 vaccines to financially disadvantaged senior citizens.
The court directed the presence of Mr Biyani and others before it on April 28 as also attachment of their properties.
The high court asked them to show cause as to why they be not detained for three months under civil prison for violating the Singapore arbitrator’s order.
The high court’s order came on Amazon’s plea requesting enforcement of the award by the Singapore tribunal on October 25, 2020, restraining Future Retail from going ahead with the deal with Reliance Retail.
Amazon, in its interim plea, has sought to restrain FRL from taking any steps to complete the transaction with entities that are a part of the Mukesh Dhirubhai Ambani Group.
Future Group and Amazon have been locked in a battle after the US-based company took Future Retail into the emergency arbitration over alleged breach of a contract between them.