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Delhi HC stays single judge order upholding Singapore EA award
The court also stayed the ₹20 lakh fine and the show cause notice to the Biyanis and other directors of Future Group that had sought to know from them as to why they should not be kept in civil detention for three months.
The Delhi High Court, on Monday, granted interim relief to Future Retail Limited, staying the single judge order of March 18 upholding the Singapore Emergency Arbitrator Award and stalling Future Retail Limited ( FRL's) $3.4 billion deal with Reliance Retail.
The court also stayed the ₹20 lakh fine and the show cause notice to the Biyanis and other directors of Future Group that had sought to know from them as to why they should not be kept in civil detention for three months.
A bench comprising of Chief Justice DN Patel and Justice Jasmeet Singh said, "Having heard the facts and circumstances and for reasons stated on Feb 8, we hereby stay an order of March 18 till next date of hearing."
The February 8 order here refers to an earlier interim order of the court where the bench had stayed the prima facie opinion of the single judge Februa 2 order on the deal.
On February 2, Justice Midha, while giving a prima facie finding had asked FRL to maintain “status quo” on its ₹24,713 crore deal with Reliance Retail.
The single judge had also directed all the authorities like SEBI, NCLT etc to also maintain status quo in the deal while also asking it to list out all the steps and actions it had taken after the order of the Emergency Arbitrator (EA) of Singapore.
The order had come on the plea by US retail giant Amazon that had sought the detention of Future group founders, including CEO Kishore Biyani, and seizure of their assets since it sought to block Future group from selling retail assets to Reliance Industries.
Justice JR Midha, on March 18, while upholding the Singapore’s EA order stalling the deal, also asked FRL to not take any further steps regarding the violation of the order and also asked them to file an affidavit declaring all its assets within 30 days.
It had also imposed a fine on the Biyanis and the directors for their willful violation of the EA's order.
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