Promoters of Future Group move Supreme Court against Amazon
Promoters of Future Group, including Kishor Biyani and several group holding companies, have approached the Supreme Court against an order passed by the Delhi High Court directing the implementation of the Singapore-based Emergency Arbitrator’s order.
Kishor Biyani, Rakesh Biyani and other members of the Biyani family have filed an SLP against Amazon.com NV Investment Holdings LLC before the Supreme Court along with holding companies Future Coupons, Future Corporate Resources, Aakar Estate and Finance. Future Retail Ltd., a group firm. They have requested to set aside the orders passed by the Delhi High Court in execution proceedings to give effect to the order passed by the Emergency Arbitrator (EA) on October 25, 2020.
Passing an interim order, EA of Singapore International Arbitration Center (SIAC) on October 25 last year to sell its retail and wholesale business with Reliance Industries, and logistics and warehousing to Future Group with a deal worth Rs 24,731 crore was prevented from proceeding. Business. SIAC was approached by Future Coupons Ltd., Amazon, which has a 49 per cent stake in one of Future’s unlisted companies.
“We would like to inform that as per the information received from the promoters of the company Future Coupons, Future Corporate Resources, Aakar Estate & Finance, Kishore Biyani, Rakesh Biyani and other family members of the Biyani family have filed a special leave petition against them. “Amazon.com NV Investment Holdings LLC challenged before the Supreme Court of India and in execution proceedings to implement the emergency arbitrator’s interim order dated October 25, 2020, challenging the orders passed by the Delhi High Court,” The filing said.
It added that these proceedings are likely to be listed and heard by the Supreme Court. “We will keep you informed of further updates on the matter,” Future Retail said.
In August last year, Reliance Retail Ventures Limited (RRVL) said it would acquire Future Group’s retail and wholesale business and logistics and warehousing business for Rs 24,713 crore. The arrangement plans include consolidating Future Group’s retail and wholesale assets into a single entity, Future Enterprises Ltd, and then transferring it to Reliance Retail. The deal has been opposed by Amazon, an investor in Future Coupons, which in turn is a shareholder in Future Retail Ltd.
The apex court had on August 6 upheld Amazon’s plea. It had ruled in Amazon’s favor and held that the award of an EA of a foreign country is enforceable under the Indian Arbitration and Conciliation Act.
Read more: SC holds Singapore’s EA award against implementation of Future-Reliance retail deal
Read more: What is the Amazon-Future-Reliance battle? Explained
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