Future Retail has moved the Delhi High Court against the interim order, the company informed the exchange. On February 2, the Delhi High Court passed an interim order barring Future Retail Ltd (FRL) from selling its retail assets to Reliance Industries.
The company informed the exchange, "...The Company has filed an appeal before Hon’ble High Court of Delhi against the impugned order dated 2nd February, 2021..."
The court in its interim order said, “All the concerned authorities are directed to maintain status quo with respect to all matters in violation of the order dated 25th October, 2020 …” the court order stated. In the petition, Amazon has claimed that the deal of Future Group with Reliance Industries violates the contract (between Amazon and Future Group).
It further said in its interim order that immediate orders are necessary to protect the rights of the petitioner (Amazon).
The interim order was announced by Justice J R Midha of the Delhi High Court.
Amazon has approached the High Court seeking direction to order enforcement of the award by Singapore's Emergency Arbitrator (EA) restraining Future Retail from going ahead with its Rs 24,713 crore deal with Reliance Retail.
Meanwhile, Future Group-Reliance deal has received approval from CCI and no objection from SEBI. But now hit a roadblock with the court order.
Last year in October, Singapore International Arbitration Centre (SIAC) passed an interim order in favour of Amazon. The order stopped the deal between Reliance and Future Group.
