The Delhi High Court on Friday dismissed a batch of petitions relating to the ongoing legal dispute between US e-commerce major Amazon and Future Group over the Rs 24,731 crore merger deal of Future Retail Ltd (FRL) with Reliance Retail on February 24. listed for hearing.

Justice C Hari Shankar, who had earlier asked the parties to file a short note detailing the dispute, recorded the history of the case in his order, while clarifying that the recitation of facts was only for future hearing and There was no expression on the properties matter.

The judge said that the court has not put its mind in this matter even temporarily.

On February 1, the Supreme Court had set aside three High Court orders, including refusal to stay the attachment and final arbitral award, of the assets of Future Group and its directors, which prevented FRL from pursuing its deal with Reliancewas stopped fresh verdict ordering fresh adjudication. The top court had said that Future Coupons Pvt Ltd (FCPL) and FRL were not provided adequate opportunities to deal with Amazon's pleas against the merger deal and asked the Chief Justice of Delhi High Court to constitute a bench for early disposal. was requested. matter.

The Supreme Court had on February 2 last year set aside the High Court's order directing FRL to maintain status quo with respect to the merger deal.

The High Court's March 18, 2021 order, upholding the emergency arbitration award, imposing a cost of Rs 20 lakh on FRL as well as its directors and attaching their properties, was also set aside by the apex court, which the petitions were withdrawn. Future Group firm back in Delhi High Court regarding arbitral award on merger deal with Reliance Retail.

The 28-page judgment of the top court also quashed the October 29, 2021 order of the High Court staying the decision of the arbitration tribunal refusing to interfere with the emergency award (EA) of the Singapore International Arbitration Center (SIAC). Had given. EA had restrained FRL from proceeding with the merger deal.

Kishor Biyani and 15 others including FRL and FCPL are embroiled in a series of lawsuits with Amazon, an investor in FCPL, over the deal with Reliance. After the EA, subsequently, a three-member arbitral tribunal was constituted to decide the issues arising out of the deal.

Written by
Sakshi Sharma (CMA)