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Delhi HC prevents Future Group from pursuing a trust pact

The Delhi High Court on Thursday upheld a Singapore Arbitrator (EA) order banning Future Retail Ltd (FRL) from continuing its 24,713 crore agreement with Reliance Retail to sell its business, which was opposed by US-based e-commerce company Amazon

Justice J R Midha ordered the FRL led by Kishore Biyani not to take further action on the agreement and said the party was deliberately violating the Singapore Arbitrator’s order.

The High Court ordered the Future Group and its directors to contribute l 20 lakhs to the Premier’s Assistance Fund to provide COVID-19 treatment to Below Poverty Line (BPL) adults.

The court ordered the presence of Biyani and others before him on April 28 as a consolidation of their properties.

The high court asked them to show why they could not be detained for three months in a public jail for violating an urgent arbitration order.

A high court order came to Amazon’s request for guidance on the awarding of the award by EA of Singapore on October 25, 2020, barring FRL from continuing its 24,713 crore agreement with Reliance Retail.

Amazon, in its interim application, sought to prevent FRL from taking any steps to complete transactions with organizations that are part of the Mukesh Dhirubhai Ambani (MDA) Group.

Future Group and Amazon were trapped in war after US-based companies took FRL in emergency mediation over allegations of breach of contract between them.

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