The Delhi high court on Monday stayed the single judge order restraining Future Retail’s Rs 24,713 crore deal with Reliance Industries to sell its retail and wholesale business. The Kishore Biyani-led group firm, Future Retail Ltd (FRL) had filed an appeal before the higher bench of the same high court against the orders passed by a single-member bench of Justice J R Midha, the company said in a regulatory filing.
The high court has also issued a notice to Amazon on Future Group’s plea challenging single judge’s order on Reliance deal. A division bench of chief justice DN Patel and justice Jasmeet Singh listed the matter for further hearing on April 30. Earlier, in a statement on Friday, Future Retail had said the order of the single-member bench would have no impact on the ongoing proceedings before the National Company Law Tribunal (NCLT), which is presently going through the scheme of arrangement between the Future Group and Reliance Retail.
The NCLT has reserved its order over the scheme of arrangement that entails the consolidation of Future Group’s retail and wholesale and transferring it to Reliance in a deal that was announced in August last year. The Future-Reliance deal, which is contested by global e-commerce major Amazon, has already received clearance from the Competition Commission of India (CCI), Sebi and bourses, and the scheme of arrangement is now awaiting the nod from the NCLT and shareholders.