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Delhi HC stays Future on Reliance deal
In a major victory for U.S.-based e-commence giant Amazon, the Delhi High Court on Thursday ruled that Future Retail Limited (FRL) and its promoters including Kishore Biyani “deliberately and wilfully” violated the order of an emergency arbitrator (EA) restraining FRL from going ahead with its assets sale deal with Reliance Retail.
Noting that the intention of FRL and its promoters “do not appear to be honest”, the high court directed attachment of the assets of Future Coupons Private Limited (FCPL), FRL, Mr. Biyani and 10 other promoters.
Justice J.R. Midha also directed Mr. Biyani and the other promoters to be present before the court on the next date of hearing on April 28. It additionally issued show-cause notices to all the promoters “to show cause why they be not detained in civil prison for a term not exceeding three months” for violation of the emergency arbitrator’s order.
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