Future Retail Restrained By Court From Going Ahead With Reliance Deal

Delhi High Court asked Kishore Biyani-led Future Retail to not take further action on the deal and held that the group wilfully violated Singapore Arbitrator's order.

The Delhi High Court Thursday upheld the Singapore International Arbitration Centre's order restraining Future Retail from going ahead with its Rs 24,713 crore deal with Reliance Retail to sell its business, which was objected to 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 Rs 20 lakh cost in Prime Minister's Relief Fund for providing COVID-19 vaccines to senior citizens of Below Poverty Line (BPL) category. The court directed the presence of Mr Biyani and others before it on April 28 as also attachment of their properties.