Future Retail gets a breather for now as Delhi High Court gives the company time until the Supreme Court hearing – markets celebrate the order

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Future Retail gets a breather for now as Delhi High Court gives the company time until the Supreme Court hearing – markets celebrate the order
The Delhi High Court today stayed the single judge order from March 18, 2021 upheld the Singapore arbitrator’s emergency award in favour of Amazon. BCCL
  • The Delhi High Court today stayed the single judge order from March 18, 2021 upheld the Singapore arbitrator’s emergency award in favour of Amazon.
  • Future Retail’s shares jumped by 8.77% to ₹60.80 as of 11.50 am.
  • The matter is now listed in the Supreme Court and scheduled for hearing on April 27.
  • The legal tussle, which has been going on for six months now, started as Amazon had sent a legal notice to Future Coupons over Future Group’s ₹25,000 crore deal with Reliance.
Future Retail has got a breather one more time as the company appealed to the Delhi High Court to stay the single judge order from March 18, 2021, which upheld the Singapore arbitrator’s emergency award in favour of Amazon.

As per the legal news platform Bar & Bench, the court read the order today to say, “We hereby stay the single judge order dated March 18, 2021 till next date of hearing.”

With the pronouncement of the order, Future Retail’s shares jumped by 8.77% to ₹60.80 as of 11.50 am.

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The matter is listed in the Supreme Court and scheduled for hearing on April 27.

The judgement given by Justice JR Midha, of the Delhi High Court, on March 18, 2021 said that Future Retail, Future Coupons, Kishore Biyani and others violated the Emergency Award, and also questioned ‘why should they not be detained in prison’. The Court also directed Future Group to approach authorities to recall all approvals granted to Future Retail-Reliance deal.

During the same, the court also asked for Kishore Biyani’s assets to be attached and penalised Future Retail for ₹20 lakh and directed the company to deposit the amount in PM Relief Fund.

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The fight between Amazon and Biyani’s Future Group has been brewing for over six months now. On October 25, 2020 global e-commerce giant Amazon got a stay order on the Future Retail and Reliance deal from a Singapore arbitrator, and had written to BSE and SEBI to uphold the decision.

Amazon had sent a legal notice to Future Coupons over Future Group’s ₹25,000 crore deal with Reliance. Amazon had said that it was denied the Rights of First Refusal for the deal with Future Group.

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