Future Retail Appeals Court Ruling on Asset Sale to Reliance
(Bloomberg) -- 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.
©2021 Bloomberg L.P.