Days after the company faced a setback in the Supreme Court in a case lodged against it by Amazon, the promoters of the Future Group, including Kishore Biyani, have filed a special leave petition (SLP) in the apex court, news agency PTI reported on Friday, 13 August.
The plea submitted by the conglomerate challenges the ruling of the Delhi High Court, which had upheld the order passed by the the Emergency Arbitrator (EA) in October 2020 that blocked a deal between Future Group and Reliance Industries, PTI reported.
The Supreme Court on 6 August had pronounced its verdict in the favour of the single-bench order of the the Delhi High Court.
What is the Case?
The EA of Singapore International Arbitration Centre had, in October 2020, restrained the Future Group from going into a Rs 24,731 crore deal with Reliance Industries.
The Future Group, in August 2020, had entered into an agreement with Reliance Retail to sell its retail, wholesale, logistics and warehouse businesses to Reliance Retail Ventures – a deal which Amazon had legally refuted, alleging that the deal breached some of Amazon’s pre-existing contracts with Future Group.
The Delhi High Court on 18 March had restrained Future Retail from going ahead with its agreement with Reliance, and upheld the Singapore International Arbitration Centre's order.
Observing that Future Retail wilfully violated the Singapore Arbitrator's order, the single judge bench of Justice JR Midha had also imposed a cost of Rs 20 lakh on the conglomerate.
(With inputs from PTI)
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