HC Restrains Future Retail From Going Ahead With Reliance Deal
The court noted that Future Retail willfully violated the Singapore Arbitrator’s order.
The Delhi High Court on Thursday, 18 March, restrained Future Retail from going ahead with its Rs 24,713 crore deal with Reliance on Amazon's petition, as it upheld the Singapore International Arbitration Centre's order, news agency PTI reported.
Noting that Future Retail willfully violated the Singapore Arbitrator's order, the single judge bench of Justice JR Midha directed the company to not take further action on the Reliance deal, the report said.
A cost of Rs 20 lakh has also been imposed on the company and its directors, which is to be deposited with the Prime Minister’s Relief Fund, to be used for vaccination of senior citizens.
The next hearing in the matter will now be on 28 April, for which Future Group CEO Kishore Biyani and others have been asked to appear.
A show cause notice has also been issued to Biyani and others, along with a direction to attach the CEO's assets.
(With inputs from PTI and Bar & Bench.)
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