Future Retail Appeals Court Ruling on Asset Sale to Reliance
Signage for Fashion @ Big Bazaar, operated by Future Retail, stands above the entry to a Big Bazaar hypermarket in Mumbai. (Photographer: Dhiraj Singh/Bloomberg)

Future Retail Appeals Court Ruling on Asset Sale to Reliance

Future Retail Ltd. said it filed an appeal against a Delhi High Court ruling which raised hurdles to the sale of its assets to Reliance Industries Ltd.

The high court is scheduled to hear supermarket-operator Future Retail’s case on Monday, according to the court’s website. Future Retail announced the appeal in a stock exchange filing on Saturday.

The Delhi High Court last week ruled that a previous verdict by a Singapore arbitration court that halted the asset sale is enforceable in India. Amazon.com Inc., which had partnered with Future Group in India, disputed the sale to Reliance, claiming it violated a partnership contract.

In its order, the court also issued a freeze on assets of Future Group founder Kishore Biyani and other directors of the group while issuing a show-cause notice as to why they should not be sent to prison.

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