Promoters of India's Future Group approach apex court against Amazon

13 Aug '21

2 min read

Pic: Shutterstock

The promoters of India’s Future Group, including Kishore Biyani and Rakesh Biyani, recently approached the Supreme Court requesting it to set aside the orders passed by the Delhi High Court in execution proceedings for enforcing the order passed by the Emergency Arbitrator (EA) of the Singapore International Arbitration Centre (SIAC) on October 25 last year.

Kishore Biyani, Rakesh Biyani and other members of the Biyani family along with the holding companies Future Coupons, Future Corporate Resources, Akar Estate and Finance have filed a special leave petition against Amazon.com NV Investment Holdings LLC before the Supreme Court, said a regulatory filing by a group firm Future Retail Ltd.

In an interim order, the EA had restrained Future Group from going ahead with its ₹24,731-crore deal with Reliance Industries to sell its retail and wholesale business and the logistics and warehousing business. Amazon, which has 49 per cent stake in one of Future's unlisted firms, Future Coupons Ltd, had approached SIAC.

In August last year, Reliance Retail Ventures Ltd (RRVL) had said it would acquire the retail and wholesale business and the logistics and warehousing business of Future Group. The scheme of arrangement entails the consolidation of Future Group's retail and wholesale assets into one entity Future Enterprises Ltd and then transferring it to Reliance Retail.

The deal was contested by Amazon, an investor in Future Coupons that in turn is a shareholder in Future Retail Ltd.

The apex court had on August 6 upheld Amazon's plea.

Fibre2Fashion News Desk (DS)

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