Delhi HC upholds Emergency Award against Future-Reliance deal, setback for Kishore Biyani

The Delhi High Court has directed Kishore Biyani-led Future Group to not take any further action regarding the deal with Reliance, adding that the group wilfully violated the Singapore Arbitrator’s order. 

The Delhi High Court on Thursday upheld Singapore Arbitrator's Emergency Award (EA) order against the Rs 24,713 crore deal between Future Retail Limited (FRL) and Reliance Retail. It is a setback for Kishore Biyani-led Future Group which has been trying since last year to sell its retail business to Reliance Retail Ventures Limited (RRVL). While the deal was announced last year, US-based e-commerce giant Amazon had objected to it and approached the Singapore Arbitrator to block the deal.