Future Group promoters approach SC against Amazon

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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 members of the Biyani family along with the holding companies Future Coupons, Future Corporate Resources, Akar Estate and Finance has filed a special leave petition 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 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 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.

These proceedings are likely to be listed and heard by the Supreme Court, it added.

“We shall keep you informed about the further update in the matter,” said Future Retail.

In August last year, Reliance Retail Ventures Ltd (RRVL) had said it would acquire the retail and wholesale business and the logistics and warehousing business of Future Group for Rs 24,713 crore. The scheme of arrangement entails the consolidation of Future Group’s retail and wholesale assets into one entity Future Enterprises Ltd and then transferring it to Reliance Retail.

The deal has been contested by Amazon, an investor in Future Coupons that in turn is a shareholder in Future Retail Ltd.

The apex court had on August 6 upheld Amazon’s plea. It had ruled in favour of Amazon and held that an award of an EA of a foreign country is enforceable under the Indian Arbitration and Conciliation Act.