Products You May Like
The Supreme Court on Monday stayed all proceedings before the Delhi High Court related to the enforcement of the Singapore Emergency Arbitrator’s interim award restraining the `24,713-crore deal between Future Retail and Reliance Retail.
The matter was being heard by a single judge as well as a division bench of the Delhi High Court. After the orders of the single-judge bench were stayed by the division bench, Amazon, which is opposing the deal, had moved the SC.
The process was on in the HC even though the main issue was before the apex court. The SC had pronounced that while the hearings relating to the Future-Reliance deal can continue before the Mumbai bench of the National Company Law Tribunal (NCLT), no final order can be passed before the top court disposes of the matter.
On Monday, while staying the proceedings in the HC, a bench led by Justice RF Nariman fixed May 4 for hearing in the matter and asked all the parties to complete the pleadings.
Monday’s order came on Amazon’s petition which had challenged the division bench’s March 22 order that had stayed the single judge’s order that had held Future Group chairman Kishore Biyani and others guilty for going ahead with the deal and had issued a show-cause notice to him and other irectors of the Future Group as to why they should not be sent to prison – as sought by Amazon.
The single judge had on March 21 also directed the Future Group to approach regulatory authorities to recall all approvals granted to the deal and deposit `20 lakh as cost for violating the Singapore Emergency Arbitrator’s interim stay order of October 25, 2020. This was also stayed by the division bench.
Before this on February 8, the division bench had stayed the single judge’s February 2 order which had restrained Future Group from seeking clearance for the deal from the regulatory authorities. The division bench had then allowed Future Group to go ahead with seeking clearances.
Subsequently, Amazon had appealed against the division bench’s order before the SC, which on February 22, had allowed the proceedings for seeking clearances to continue before the NCLT, but barred the tribunal from passing a final order.
The fight between Future and Amazon has been going on since October 25, 2020, when the Singapore Emergency Arbitrator passed an interim order restraining Future Group from going ahead with its deal with Reliance Retail.