New Delhi: The Delhi High Court on Monday stayed the recent single bench order which had upheld the Singapore Emergency Award (EA) and stalled Future Retail from going ahead with the Rs 24,713 crore deal with Reliance Retail.
A two-judge bench of the Court comprising Chief Justice D.N. Patel and Justice Jasmeet Singh also stayed the fine of Rs 20 lakh and the show cause notice to the Biyanis asking why they should not be kept in civil detention.
The court's stay came while hearing the appeal filed by Future against the Single Judge order approving the enforcement of Emergency Award against its deal with Reliance.
On March 18, Justice J.R. Midha had restrained Future Retail from going ahead with the deal with Reliance on Amazon's petition. It was a big win for Amazon headed by Jeff Bezos.
The Future Group has been engaged in a legal battle with Amazon since January, when the latter moved the Delhi High Court challenging Future Group's asset sale to RIL.
The court was approached on the grounds that the asset sale violated a contract that Kishore Biyani entered with Amazon.
It had alleged that Future Group's Kishore Biyani as well as other promoters and directors were "deliberately and maliciously" disobeying the Emergency Award in spite of their participation in the arbitration proceedings.
In the order, Justice Midha rejected Future Group's argument that the Emergency Award is a nullity and imposed costs of Rs 20 lakh on it, which is to be deposited with the Prime Minister Relief Fund.
The court held that Future Retail, Future Coupons, Kishore Biyani and others "violated" the award. The court also issued a show cause notice to Biyani and others on why they should not be detained in civil prison. The judge had directed Future Group to not take any further action in furtherance of the deal with Reliance.
The court had also directed attachment of Biyani's assets, plus asking the Future Group to record all actions taken by it in connection with the Reliance deal.
(Based on IANS feed with minor edits)