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 Courttoday 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 Courtand 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.
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.
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,
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.
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.
With an IPO on its plate, Barbeque Nation hopes to clear off some of its debt and double down on not just dining but its new delivery business
Popular on BI
- A 29-year-old woman found a mark on her head and was diagnosed with a fungal infection. It turned out to be invasive skin cancer.
- Elon Musk told his 76-year-old dad Errol to 'keep quiet' in a text message after he said he wasn't proud of his son, report says
- JPMorgan CEO Jamie Dimon told wealthy clients there's a chance the US is heading into 'something worse' than a recession, report says
- Nepotism and termite-like corruption dented India : Modi
- Modi lists five pledges to turn India into a developed country in 25 years
- There will be a major shift in the way Indians shop and consume brands
- Modi remembers Nehru and Sarvarkar in his speech today
- Made-in-India gun used for 1st time for ceremonial salute at Red Fort on Independence Day