In Case Against Amazon, Future Group Goes Back To SC To Seek Stay On Delhi HC Order
The Amazon-Future Retail dispute dates back to 2020 when Future Retail agreed to a Rs 24,713 crore agreement with Reliance Retail.
New Delhi: Following a setback in a case against e-commerce giant Amazon, Future Group firm Future Coupons filed a special leave petition (SLP) with the Supreme Court on August 12 to overturn a Delhi High Court order directing attachment of Future Coupons, Future Retail, Future group promoter Kishore Biyani's assets.
The Supreme Court had earlier ruled in Amazon's favour and reinstated the single judge bench ruling that ordered the attachment of Future Coupons, Future Retail, and Future Group CEO Kishore Biyani's assets.
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A single-judge bench of Justice JR Midha had found Future Retail Ltd., its promoter entities, founder Kishore Biyani and others in willful violation of the emergency arbitrator's interim order, which went in favour of Amazon.com Inc in October 2020.
Future Coupons is learned to seek a stay on the SC ruling directing asset attachment through the current petition. Through the petition, Future Coupons also sought a stay of the HC order, which ordered Biyani and other Future directors to appear in court for a show-cause hearing.
A Future Group spokesperson confirmed to ABP News that the SLP was filed in the apex court.
The Supreme Court last week upheld Amazon's request for a stay on the Rs 24,713 crore deal between Reliance Retail and Future Retail. The Supreme Court stated that the Singaporean arbitrator's judgment, which halted the deal between the two retail behemoths, is legitimate and relevant and that Amazon's objections are valid and applicable in India.
The Amazon-Future Retail dispute dates back to 2020 when Future Retail agreed to a Rs 24,713 crore agreement with Reliance Retail, just months after Amazon paid Rs 1,500 crore for a 49% ownership in Future Coupons, the promoter of Future Retail.
According to legal experts, an SLP can be filed as a legal remedy against orders which are otherwise non-appealable.
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When asked for comments, Ashish Kumar Singh, Managing Partner, Capstone Legal, told ABP News, "The timing of filing the Special Leave Petition against order passed in March makes the issue quite interesting. The first hurdle that the Future Group will have to cross is to explain the delay in filing the SLP."
The apex court held last week stated that the division bench of the Delhi High Court could not have stayed Justice Midha's enforcement order. As a result, the Future Group has filed an SLP at the Supreme Court.
Future Retail shares on BSE closed up 1.5% at Rs 49.95 in a firm Mumbai market on Thursday, valuing the company at Rs 2708.7 crore.
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