Future Retail and promoters move Delhi HC to stymie SIAC order

Future Retail Ltd (FRL) and its promoters have moved the Delhi High Court again in an effort to stymie any move to enforce the recent order passed by the Singapore International Arbitration Centre (SIAC) that had gone in favour of Amazon Inc.

Last week, the SIAC has rejected a plea from Future Retail Ltd (FRL) to lift the interim stay on its Rs 24,713 crore transaction with Reliance Retail.

In October last year, the emergency arbitrator (EA) of the Singapore tribunal had handed down an interim award in favour of Amazon, effectively barring the Kishore Biyani-run entity from taking any step to dispose of or encumber its assets or issue any securities to secure any funding from a restricted party.