Future Group moves Delhi High Court seeking stay on Singapore arbitrator's order

Asia's Tech News Daily

Future Group moves Delhi High Court seeking stay on Singapore arbitrator’s order

Representational Image (Wikimedia)

In a recent development in the Amazon-Future battle, Future Group has moved the Delhi High Court seeking a stay on the October 21 order passed by the Singapore International Arbitration Centre (SIAC), the company informed in a regulatory filing on October 27.

The Singapore-based emergency arbitrator SIAC last week had rejected Future Group’s appeal to vacate its stay on the company’s deal with Reliance passed in October last year. SIAC had also held that Future Retail is a party to the matter between Amazon and Future Group, rejecting its (Future Retail’s) request to be excluded from the arbitration proceedings.

Future Group has now moved the Delhi High Court seeking a stay on the SIAC’s order. The company has also appealed to the Delhi High Court to allow the company to conduct the meeting of shareholders and creditors as directed by NCLT’s Mumbai bench in September.

“FCPL and the promoters have also filed an appeal before the Delhi High Court seeking to set aside the said Impugned Order dated 21 October, 2021,” the company informed.

The National Company Law Tribunal’s (NCLT) Mumbai Bench earlier in September had given a go-ahead to the Kishore Biyani-led Future Group to hold meetings of its shareholders and creditors for its proposed deal with Reliance Retail. While Amazon had filed an intervention application to the bench, it was dismissed by the bench. The bench said that Amazon’s objection was premature and hence rejected it. NCLT also clarified that the Supreme Court had only restrained it from passing any final verdict in the matter.

Amazon and Future Group are embroiled in legal battles since the latter entered into an agreement with Reliance Retail to sell its retail assets for Rs 24,713 crore in 2020. The deal, however, has faced several roadblocks since then given e-commerce behemoth Amazon’s objection to it. Amazon contests the deal claiming that a prior agreement with the Future Group entitled the company to pick up a stake in Future Retail at a later date. Amazon in 2018 had bought a 49 percent stake in unlisted Future Coupons Private Limited. Subsequently, Amazon had moved to the Singapore-based Emergency Arbitrator to block the deal.

The Supreme Court of India in August gave a verdict upholding the validity of the Singapore-based Emergency Arbitrator’s award in India. Later on, on September 9, Amazon had approached the Delhi High Court seeking implementation of the emergency arbitrator’s award. However, the Supreme Court intervened, on Future Group’s appeal, and ordered a stay on the proceedings of the ongoing Amazon-Future Retail case before the Delhi High Court for the next four weeks.

The apex court also directed the NCLT, Competition Commission of India (CCI) and Securities and Exchange Board of India (SEBI) to not pass any order on the matter.

Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

RBI Monetary Policy: Talks of reverse repo rate hike on December 8 may be premature, says SBI report

Representative image Amid the rising scare from the new coronavirus variant Omicron and ahead of the MPC meet, SBI house economists have urged the central bank to delay liquidity normalisation ... Read more »

Research center examines impact of changing life expectancy

Photo: ANP A new research center should give a boost to research into the financial and social consequences of changing life expectancies. Especially now that the corona pandemic is causing ... Read more »

'Metaverse' hype fuels booming digital property market

Analysts say virtual land on websites like Decentraland is already functioning as an asset, much like real land PARIS – The idea of spending millions on non-existent land may sound ... Read more »

Why binding treaty on pandemic response is not best way forward

We were up in Big Sky, Montana, close to Yellowstone Park. It was May 2011 and 400 or so of us came together for the second of Apec’s major meetings ... Read more »

RBI likely to keep key policy rate unchanged, say experts

Reserve Bank of India (RBI) Governor Shaktikanta Das Amid global scare due to new coronavirus variant Omicron, the RBI is likely to maintain status quo in its upcoming monetary policy ... Read more »

China to issue regulations on futures to encourage leading firms to raise funds through listing

China will help leading futures companies to speed up their development and encourage qualified firms to be listed, the China Futures Association said in a statement, citing an official from ... Read more »

Tata Motors, Honda mulling price hike from next month

Tata Motors | Representative image With input costs continuing to rise, automakers like Tata Motors, Honda and Renault are looking to increase vehicle prices from January next year to offset ... Read more »

Green finance: Hong Kong agency to offer net-zero certification for firms under pressure to disclose carbon footprint and climate ambitions

The Hong Kong Quality Assurance Agency (HKQAA), a food-to-sustainable finance products certification provider, will launch a net-zero certification programme by March for financial and listed firms facing rising pressure to ... Read more »

Early catering closure ensures comeback dinner boxes

Dinner boxes from star chefs and other restaurants are making a comeback, now that the catering industry has to close at 5 p.m. every day due to the corona measures. ... Read more »

Crimea plans to host delegation from Syria to discuss economic links

Deputy Chairman of the Council of Ministers of Crimea, Permanent Representative of Crimea under the Russian President Georgiy Muradov reiterated that in 2019, an agreement on cooperation in the sphere of trade and economy was signed between the Crimean government and the Syrian ministry yet the trade was limited due to the coronavirus pandemic Read more »

Aurobindo, Unichem recall products in US market

Aurobindo Pharma and Unichem Laboratories are recalling different products in the US market, the world’s largest market for medicines, due to manufacturing issues. As per the latest enforcement report issued ... Read more »

More people rely on internet payments since Covid: poll

More people are using the internet to pay for goods and conduct other financial transactions. (Bangkok Post file photo) More people have turned to the internet for financial transactions and ... Read more »

SBI invites bids to sell NPA account KSK Mahanadi Power with dues over Rs 4,100 cr

SBI has invited bids from asset reconstruction companies, and other financial institutions to sell an NPA account KSK Mahanadi Power Company, with total outstanding against the company standing over Rs ... Read more »

Hong Kong digital insurers such as OneDegree, Bowtie Life expand offering to tap tech-savvy clients, but yet to challenge traditional firms

Hong Kong’s digital insurers are expanding their product ranges to tap tech-savvy customers who buy their policies online, but are years away from mounting a challenge to the city’s traditional ... Read more »

iPhone 13: Hidden iPhone tricks most people don't know

Surprisingly, there are a ton of hidden features on the iPhone, along with helpful built-in short cuts that you may have missed. They all exist in your iOS device just ... Read more »

Watch: Dubai policeman dons 'Iron Man' suit, flies around expo plaza

A police officer in Dubai defied gravity and flew around Al Wasl Plaza wearing a suit similar to Marvel’s Iron Man, during UAE‘s 50th National Day celebrations. Wearing a white ... Read more »

Jeff Bezos catches dog Luna being 'naughty', 'time for a bath', says girlfriend Lauren Sanchez

Jeff Bezos’s dog Luna. (Image credit: Instagram) Billionaire entrepreneur Jeff Bezos on Sunday shared a photo of his dog Luna on Instagram with the caption, “Luna’s on the naughty list.” ... Read more »

Codeshare with IndiGo likely to be implemented by March 2022: American Airlines official

American Airlines is in the process of getting requisite approvals from the US government for its codeshare agreement with IndiGo airlines and the partnership is likely to implemented by March ... Read more »

2022 likely to be more challenging for returns in equities, fixed-income investments

As we enter the last month of 2021, it is a good time to review the year gone by as well as look forward to what we can expect during ... Read more »

Cryptocurrency Prices today on December 5: Bitcoin, Ethereum recover; LUNA up 19%

The global crypto market capitalisation is down 5.53 percent over the last 24 hours to stand at $2.3 trillion. The total crypto market volume over the last 24 hours is $203.74 billion, ... Read more »

Daily Voice | Expect first rate hike by RBI in second or third quarter of CY22, says Sharad Chandra Shukla of Mehta Equities

Sharad Chandra Shukla, Director at Mehta Equities says they expect the first rate hike by Reserve Bank of India in the second or third quarter of CY22, but a lot ... Read more »

COVID-19: Travel industry says return of pre-departure tests for all UK arrivals is a 'devastating blow' - as Nigeria is added to the red list

British Airways and Airlines UK are among those who have criticised the move - while Labour is in favour of the government's decision but has said it has come too late. Read more »

Tega Industries IPO | Check share allotment & listing dates, latest grey market premium

Tega Industries IPO share allotment After garnering sixth largest subscription, investors are anxious to know their allotment status for Tega Industries IPO which is likely to get finalised next week. ... Read more »

Petrol, diesel prices on December 5: Check fuel rates in Mumbai, Delhi, other cities

The petrol and diesel prices remained unchanged in Kolkata at Rs 104.67 per litre and Rs 89.79 per litre, respectively. (Representative image) Petrol and diesel prices remained unchanged on December ... Read more »

Hong Kong, other Asian cities shut out of world's top 10 tourist destinations amid tough travel restrictions

The stringent approach of many Asian cities to shutting out Covid-19 may have kept case numbers in check and taken some pressure off local economies. But it has done nothing ... Read more »

Sir Ian Taylor: All the tech missteps in the Government's Covid response

Prime Minister, I understand that Minister Hipkins has a lot on his plate as the Covid Response Minister and that probably explains why I have yet to receive the response ... Read more »

Sir Ian Taylor: All the tech missteps in the Govt's Covid response

Prime Minister, I understand that Minister Hipkins has a lot on his plate as the Covid Response Minister and that probably explains why I have yet to receive the response ... Read more »

Kiwi brothers raise huge amount on Kickstarter for wool-based runners

Kiwi brothers raise huge amount on Kickstarter for wool-based runners. Read more »

Spotify removes many comedians' work from streaming platform over royalties dispute

Jim Gaffigan performs onstage during the 15th Annual Stand Up For Heroes benefit at Alice Tully Hall presented by Bob Woodruff Foundation and NY Comedy Festival on Nov. 8, 2021, ... Read more »

UK tightens travel testing rules amid omicron concerns

The Associated PressA man dressed as Santa Claus gestures as people walk past, in London, Saturday, Dec. 4, 2021. Britain says it will offer all adults a booster dose of ... Read more »

‘Invest 90 million in social development companies to tackle staff shortage'

Invest 90 million euros in workplaces at social development companies, so that people with a greater distance from the labor market also find work. This is the appeal made by ... Read more »

Bitcoin prices plunge dramatically overnight

Cryptocurrencies began falling on Friday following data showing that job growth slowed in the U.S. last month and news of the Omicron variant of the coronavirus. Read more »

COVID-19: Pre-departure tests return for all UK arrivals to tackle Omicron - as Nigeria added to red list

All international arrivals to the UK will again be required to take pre-departure COVID-19 tests to tackle the spread of the new Omicron variant, the health secretary has announced. The ... Read more »

Omicron scare: South African official says children sick with COVID-19 have mild infections

Representative image: Reuters Higher hospital admissions among children during a fourth wave of COVID-19 infections in South Africa that has been driven by the Omicron coronavirus variant should not prompt ... Read more »

'China economy will turn more to local market'

China‘s economy will become more dependent on its domestic market even as it opens up further for global trade, former Chongqing mayor Huang Qifan said at the annual International Finance ... Read more »

Govt gives final approval to Rs 5,000 crore AK 203 rifles deal ahead of Putin's visit

Representative image The government has given its final approval to a nearly Rs 5,000 crore deal to manufacture over 5,00,000 AK 203 Kalashnikov rifles by an Indo-Russian joint venture at ... Read more »

5 tips for saving money on entertainment expenses as a college student

Catherine Landers, a graduate student at the University of Georgia, watching something on Hulu on her laptop.Source: Katie Creech Personally, I am not the type of girl to spend hundreds ... Read more »

McDonald's Canada offers new Bacon' N Crispy Onion Quarter Pounder

The single and double patty variants of McDonald’s Bacon’ N Crispy Onion Quarter Pounder McDonald's has begun offering the Bacon' N Crispy Onion Quarter Pounder, only in Canada. The sandwich ... Read more »

MSME minister urges entrepreneurs to grab opportunity created by closure of plants in China

Union Minister Narayan Rane Union Minister of Micro, Small and Medium Enterprises (MSME) Narayan Rane on Saturday urged Indian entrepreneurs to take advantage of closure of factories in China. Indian ... Read more »

The first metaverse experiments? Look to what's already happening in medicine

Surgeon Shafi Ahmed poses for a photograph wearing a Microsoft HoloLens headset inside his operating theater at the Royal London Hospital on Thursday, Jan. 11, 2018.Bloomberg | Bloomberg | Getty ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic