Future Retail moves Delhi High Court against SIAC order

NEW DELHI: Future Retail along with its promoters has moved the Delhi High Court requesting to stay and set aside the order passed by the Singapore-based arbitration tribunal SIAC on October 21, putting its Rs 24,713-crore deal with Reliance Retail on hold.

The Singapore International Arbitration Centre (SIAC) on October 21, had rejected the plea of Future Retail Ltd (FRL) to lift the interim stay granted by its Emergency Arbitrator on October 25 last year, over the deal with Reliance and upheld it by observing that “the Award were correctly granted”.