Future Group approaches SC to stop asset seize
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Future Group on Friday took to the Supreme Court to stop the seizure of both the company's as well as its founder Kishore Biyani's assets days after the apex court ruled in favour of Amazon in a clash that prevented the former from doing business with Reliance, reported NDTV.
Future Coupons, a subsidiary of Future Group, approached the Supreme Court challenging the single-judge ruling of the Delhi High Court to stop the attachment of Future Coupons, Future Retail and founder Kishore Biyani's assets.
On August 6, the Supreme Court had issued its verdict in the Amazon-Reliance clash in favour of Amazon, blocking Future Group from selling assets worth 3.4 billion dollars to Reliance Industries. The court also backed the directive issued by the Singapore Emergency Arbitrator in October 2020 and subsequently revived an order issued by the high court for the attachment of Future Group's assets.
In March 2021, the Delhi High Court fined Mr Biyani and Future a fine of Rs 20 lakh for 'deliberately and willfully' violating the order issued by the Singapore Tribunal. The fine amount is to be paid to the Prime Minister's Relief Fund.
Amazon filed a case against Future Group contesting the validity of Future's deal with Reliance Industries, stating that it is in direct violation of Future Group's contract with Amazon. Amazon purchased a 49% stake in Future Coupons in 2019 with a 200 million dollar investment.
The e-commerce giant contested that Reliance Industries fell under the 'restricted persons list' stipulated under the contract, thereby restricting Future from selling assets to Reliance. Future Group, however, has denied allegations of wrongdoing.
