Kishore Biyani move to SC: According to a regulatory filing by Future Retail Ltd, Kishore Biyani, Rakesh Biyani, and other Biyani family members, as well as the holding companies, have filed an SLP against Amazon.com NV Investment Holdings LLC before the Supreme Court.
Future group promoters, including Kishore Biyani and many group holding companies, have appealed to the Supreme Court against a Delhi High Court ruling directing the Emergency Arbitrator’s order to be enforced.
According to a regulatory filing by a group firm Future Retail Ltd, Kishore Biyani, Rakesh Biyani, and other Biyani family members, as well as the holding companies Future Coupons, Future Corporate Resources, and Akar Estate and Finance, have filed an SLP against Amazon.com NV Investment Holdings LLC before the Supreme Court.
They have asked for the rulings of the Delhi High Court in execution procedures to be set aside in order to enforce the order of the Emergency Arbitrator (EA) on October 25, 2020, according to the statement.
The EA of the Singapore International Arbitration Centre (SIAC) had issued an interim order on October 25 last year, preventing the Future group from proceeding with its $3.4 billion deal with Reliance Industries to sell its retail and wholesale businesses, as well as its logistics and warehousing operations.
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SIAC had approached Amazon, which owns a 49% share in Future Coupons Ltd, one of Future’s unlisted companies.
“We would like to inform that as per information received from promoters of the Company comprising of Future Coupons, Future Corporate Resources, Akar Estate and Finance, Kishore Biyani, Rakesh Biyani and other family members of the Biyani family… have lodged a Special Leave Petition against Amazon.com NV Investment Holdings LLC before Supreme Court of India to challenge and set aside the orders passed by the Delhi High Court in execution proceedings for enforcing the Interim Order dated October 25, 2020, of the Emergency Arbitrator,” the filing said.
It was also said that these procedures are likely to be listed and heard by the Supreme Court.
“We shall keep you informed about the further update in the matter,” said Future Retail. Reliance Retail Ventures Ltd (RRVL) announced in August last year that it would buy Future Group’s retail and wholesale businesses, as well as its transportation and storage businesses, for Rs 24,713 crore.
Future Group’s retail and wholesale assets will be consolidated into one firm, Future Enterprises Ltd, and then transferred to Reliance Retail under the scheme of arrangement.
Amazon being invested in Future Coupons, which is a shareholder in Future Retail Ltd, has objected to the acquisition. On August 6, the Supreme Court upheld Amazon’s plea.
It had ruled in Amazon’s favour, holding that a foreign country’s EA judgement is enforceable under the Indian Arbitration and Conciliation Act.
