The Delhi high court on Monday stayed the single judge order restraining Future Retail’s Rs 24,713 crore deal with Reliance Retail 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.
A division bench of Chief Justice D N Patel and Justice Jasmeet Singh also issued notice to Amazon on Future Group’s appeal challenging the single judge’s March 18 judgment on the deal.
The bench listed the matter for further hearing on April 30.
It also stayed the single judge order asking for attachment of assets of Future Group’s Kishore Biyani and others and directing them to appear in the court on April 28.
The single judge’s order had come on Amazon’s plea seeking direction to order enforcement of the award by Singapore’s Emergency Arbitrator’s on October 25, 2020, restraining Future Retail from going ahead with its ₹ 24,713 crore deal with Reliance Retail.
Shares of Future Retail zoomed 9.94% to Rs 61.4 against previous close of Rs 55.90 on BSE. The Future Group stock has gained after 6 days of consecutive fall.