Delhi HC rejects Future plea to stay arbitration order

New Delhi, October 29

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The Delhi High Court on Friday declined Future Group’s plea for stay on an arbitration tribunal order refusing to interfere with the Emergency Award (EA) which restrained it from going ahead with the Rs 24,731-crore merger deal with Reliance Retail.

Rs 24,731-cr merger deal with Reliance

• The court has sought response from US-based e-commerce giant Amazon which had challenged the merger before the Singapore arbitration tribunal under SIAC
• The court listed the appeals by Future Coupons Pvt Ltd and Future Retail Ltd for further hearing on January 4

Justice Suresh Kumar Kait sought response from US-based e-commerce giant Amazon which had challenged the merger before the Singapore arbitration tribunal under SIAC, and listed the appeals by Future Coupons Pvt Ltd (FCPL) and Future Retail Ltd (FRL) for further hearing on January 4.

Senior counsel Harish Salve, appearing for FRL, urged the court to pass an interim order clarifying that an earlier order passed by the Supreme Court — which stayed all proceedings in relation to the enforcement of the EA — would remain in force despite the subsequent order passed by the duly constituted arbitration tribunal.

“I want the court to clarify which order will prevail. That (Supreme Court order) was a consent order. This order is in place today. After this, the tribunal order was passed. What is the interim order that I’m seeking? That the Supreme Court order will continue to operate… I don’t want to be told that the tribunal order is in force,” he submitted. — PTI