Delhi HC stays single judge’s order on Future-Reliance deal

New Delhi, Feb 8 : A division bench of the Delhi High Court comprising of Chief Justice D. N. Patel and Justice Jyoti Singh has stayed the operation and effect of order passed by the single judge ordering a status quo in the deal between Future group and Reliance, Future Retail said.

Future Retail Ltd informed the stock exchanges that this was for the prima facie reason that the Company is not a party to the shareholders agreement dated August 22 2019 executed between Amazon, Future Coupons Private Ltd and the Promoters of FRL, under which arbitration was initiated by Amazon in Singapore.

“The Hon’ble Court also observed that statutory authorities cannot be restrained in private litigation from acting in accordance with law. The Order was pronounced in open court today and a copy thereof is awaited,” Future Retail said.

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The Company had informed that an appeal had been filed before the Division Bench of the Delhi High Court, against an ad interim status quo order dated February 2 (Impugned Order) passed by a single judge in proceedings filed by Amazon.com NV Investment Holdings LLC asking for a stay on the proposed transaction with the Reliance Group.

“The Company is pleased to update the stock exchanges that today a Division Bench comprising of Chief Justice D. N. Patel and Hon’ble Justice Jyoti Singh has stayed the operation and effect of order passed by the single judge, inter alia, for the prima facie reason that the Company is not a party to the Shareholders Agreement dated August 22 2019 executed between Amazon, Future Coupons Private Limited and the Promoters of FRL, under which arbitration was initiated by Amazon in Singapore,” the filing said.

Disclaimer: This story is auto-generated from IANS service.

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