Future group promoters and holding companies approach the SC against Amazon

 Future group promoters, including Kishore Biyani and several group holding companies, have approached the Supreme Court against an order passed by the Delhi High Court

Future group promoters, including Kishore Biyani and several group holding companies, have approached the Supreme Court against an order passed by the Delhi High Court directing to enforce the order of the Singapore-based Emergency Arbitrator.

Kishore Biyani, Rakesh Biyani, and other family members of the Biyani family along with the holding companies Future Coupons, Future Corporate Resources, Akar Estate, and Finance has filed SLP against Amazon.com NV Investment Holdings LLC before the Supreme Court, said a regulatory filing by a group firm Future Retail Ltd.

They have requested to set aside the orders passed by the Delhi High Court in execution proceedings for enforcing the order passed by the Emergency Arbitrator (EA) on October 25, 2020, it added.

Passing an interim order, the EA of Singapore International Arbitration Centre (SIAC) had on October 25 last year restrained the Future group from going ahead with its Rs 24,731 crore deal with Reliance Industries to sell its retail and wholesale business, and the logistics and warehousing business.

Amazon, which has a 49 per cent stake in one of Future's unlisted firms, Future Coupons Ltd had approached SIAC.

"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.