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regular-article-logo Sunday, 12 May 2024

Future Retail files suit in Delhi High Court

The company seeks necessary reliefs against Amazon.com NV Investment Holdings LLC from interfering with the Rs 24,713-crore deal with Reliance Industries

Our Special Correspondent Mumbai Published 08.11.20, 03:44 AM
Future Retail has maintained that the emergency order which puts on hold the sale of its retail assets to Reliance was not “enforceable and binding”, and any move to enforce it would be “resisted”. 

Future Retail has maintained that the emergency order which puts on hold the sale of its retail assets to Reliance was not “enforceable and binding”, and any move to enforce it would be “resisted”.  Shutterstock

Future Retail on Saturday said it has approached the Delhi high court seeking relief against an arbitration order passed by the Singapore International Arbitration Centre (SIAC) with regard to the Rs 24,713-crore deal with Reliance Industries (RIL).

Future Retail has maintained that the emergency order which puts on hold the sale of its retail assets to Reliance was not “enforceable and binding”, and any move to enforce it would be “resisted”.

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It had also said that the order is not enforceable under the provisions of the Arbitration and Conciliation Act, 1996 and is not binding on Future Retail. The company had added that it is also in the process of taking appropriate legal action to protect its rights.

The Future Group had recently filed a caveat before the Delhi high court requesting it to be heard if any plea is filed by e-commerce giant Amazon.

In a regulatory filing to the stock exchanges on Saturday, Future Retail said it has filed a suit in the Delhi high court on Saturday to seek necessary reliefs against Amazon.com NV Investment Holdings LLC from interfering with the transaction by “misusing’’ the interim order passed on October 25 by an Emergency Arbitrator appointed by the SIAC.

The date on which the matter will be heard by the Delhi High Court is not known yet.

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