National News

Delhi High Court stopped the Future-Reliance deal. Amazon had objections

The Delhi High Court on Thursday barred Future Retail Ltd (FRL) from going ahead with a Rs 24,713 deal with Reliance Retail. The Court upheld the decision of the Emergency Arbitrator (EA) of Singapore in the case. American e-commerce company Amazon objected to the sale of FRL to Reliance Retail.

Justice JR Midha ordered FRL, headed by Kishore Biyani, not to proceed with the deal with Reliance Retail. Midha also said that the Poocher Group had deliberately violated the order of the Singapore arbitrator. Along with this, the High Court also ordered the Future Group to deposit Rs 20 lakh in the Prime Minister’s Relief Fund. This amount will be used to apply the Covid-19 vaccine to the senior citizens coming below the poverty line (BPL). The court has also asked Biyani and other officials of the company why they should not be sentenced to three months in jail for violating the EA order.

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