Reliance Agreement: Future Retail in SC against HC orders

NEW DELHI: Future Retail Ltd, headed by Kishore Biyani, said on Saturday it had approached the Supreme Court against orders from Delhi’s high court to maintain the status quo over its Rs 24,713 crore deal with Reliance Retail and directing it to execute the Singapore-based emergency arbitrator’s order.
In a regulatory filing, Future Retail said: “Please note that the company has applied for special clearance to the SC against the contested orders dated February 2, 2021 and March 18, 2021… It will be listed for hearing in due course. . In its petition, the company said ‘there is an extreme urgency to hear’ and to ‘uphold the disputed orders’ adopted by the Delhi HC single-member formation, failing which the company would go into liquidation. Future Retail, in his petition, said the merger project, which will be listed before the NCLT, cannot be implemented due to orders from the HC.
“About 28,000 crore rupees of public money in the form of bank loans and bonds issued by FRL and the companies in its group are also at risk,” he said. The extent of the damage that could be caused is “unimaginable”, as the livelihoods of 35,575 employees of FRL and various companies in the program could be lost, he added.

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