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Future Group moves Delhi HC against order stalling deal with Reliance

The Future Group has moved the division bench of the Delhi High Court against the order passed by the single-member bench, which has directed to stay its Rs 24,713 crore deal with Reliance Industries to sell its retail and wholesale business.

Future Group moves Delhi HC against order stalling deal with Reliance
Kishore Biyani

New Delhi

The Kishore Biyani-led group firm, Future Retail Ltd (FRL) has now filed an appeal before the higher bench of the same High Court against the orders passed by a single-member bench of Justice JR Midha, Future Retail said in a regulatory filing.

“The company has filed an appeal before the High Court of Delhi against the impugned order dated March 18, 2021 passed by Single Judge...,” said Future Retail.

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 Rs 24,713 cr deal that was announced in August last year. The Future-Reliance deal, which is contested by Amazon, has already received clearance from the Competition Commission of India, SEBI and bourses, and the scheme of arrangement is now awaiting the nod from the NCLT and shareholders.

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