In a major relief for Future Group, the Supreme Court on Thursday stayed the proceedings instituted by global e-commerce giant Amazon for the enforcement of the Emergency Award passed in its favour by a Singapore-based arbitrator which halted the merger deal between Future Retail Limited and Reliance group.
The Court also asked all authorities including the NCLAT, CCI and the SEBI to not pass final orders for four weeks in relation to the Future-Reliance deal.
A bench comprising the Chief Justice of India NV Ramana, Justice Surya Kant and Justice AS Bopanna passed the above order in a special leave petition filed by Future Coupons Private Ltd and Future Retail Ltd against the against the order passed by the single bench of the Delhi High Court that directed the attachment of assets of Future group companies and its promoters Kishore Biyani and others for breach of the Emergency Award. The single bench had also isued a show-cause notice for civil arrest of Biyani and other directors of Future Group.
A bench headed by Justice RF Nariman of the Supreme Court had last month held that Emergency Award passed by Singapore arbitrator stalling FRL-Reliance deal was enforceable in Indian law and had also held that single judge’s order was not appealable to the division bench of the High Court under Section 37(2) of the Arbitration Act.
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