Future Retail gets relief from Delhi HC bench in RIL deal case
The high court s order came over an urgent petition moved by FRL after the single-member bench directed maintaining status-quo over Future s deal with Reliance.
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Future Retail Ltd (FRL) on Monday said the Delhi High Court has ruled that statutory authorities cannot be restrained from acting in accordance with the law and stayed a previous order on the status quo of its Rs 24,713 crore deal with Reliance.
Updating stock exchanges about the court ruling, FRL said a Division Bench comprising Chief Justice DN Patel and Justice Jyoti Singh has stayed the operation and effect of order passed by single Judge J R Midha on February 2.
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.there was no reason to seek a status quo order from the single judge. Statutory authorities like Securities and Exchange Board of India (SEBI) and Competition Commission of India (CCI) could not be restrained from proceeding in accordance with law , the bench stated in its order.
Last week, Future Retail approached the division bench after the single-judge bench ordered status quo in the matter. According to Bar & Bench (https://www.barandbench.com/news/litigation/delhi-high-court-stays-status-quo-order-on-future-reliance-deal), in its appeal, the Kishore Biyani group company broadly argued that in the presence of contradictory findings of justice Mukta Gupta with respect to the absence of an arbitration agreement between Future Retail and Amazon, the emergency award cannot be enforced.