CJI Justice NV Ramana will take a call on a request by the Future Group seeking an urgent hearing on its petition against attachment of assets ordered by the Delhi High Court.
Future Group had moved the top court after its last month’s ruling had upheld the Singapore Emergency Arbitrator’s order in favour of Amazon, while the High Court is slated to hear Amazon’s plea on September 16.
Future Group sought an urgent hearing in view of the High Court’s observations on August 17, where the company was asked to start proceedings to attach assets of Kishore Biyani and other directors as per the March 18 single-judge bench ruling or get a stay order from the Supreme Court. Back then, the High Court had deferred hearing in view of a pending cases before the apex court. Future Group told the top court that the High Court may pass orders if its proceedings aren’t halted.
On August 6, the apex court had upheld the validity of the Singapore-based Emergency Arbitrator’s order in India, which had stalled the Rs. 27,513 crore proposed deal between Future Retail and Reliance Group apart from restoring the validity of the High Court’s March order. In March this year, the Delhi High Court had held Future Group chief Kishore Biyani and other company directors guilty of proceeding with the deal. Back then, court had also issued show cause notices to Future Group directors on Amazon’s plea, asking why they shouldn’t be sent to jail for violating court orders.
- Future Retail fears HC may begin proceedings to attach assets of its directors
- Future Retail wants an urgent hearing against HC’s March 18 order to attach its assets
In March, the single-judge bench of Justice JR Midha, had asked Future Group to move regulators to revoke the nod granted to the deal. Asking Future Group directors to appear before the court, the bench had also imposed a penalty of Rs. 20 lakh on the company for non-compliance with the Emergency Arbitrator’s order.
On August 6, the top court had ruled that the foreign Emergency Arbitrator’s order is enforceable under Indian jurisdiction under Section 17 of the Arbitration Act. The 2-judge bench of Justice RF Nariman and Justice BR Gavai had upheld the Delhi High Court’s single-judge order and the Emergency Arbitrator’s order which stalled the deal, while setting aside the 8th February ruling by the High Court’s division bench which had allowed the deal to proceed. Amazon had moved the apex court against the division bench ruling itself, which led to the court stalling the final amalgamation of Future Retail with the Reliance Group till its final orders.