Future moves SC to seek stay on Singapore arbitration panel’s decision

The Future group on Monday moved Supreme Court to appeal against a Delhi High Court, which had endorsed a Singapore arbitration panel’s decision to freeze the ~24,700 crore transaction with Reliance Retail.

American retail giant Amazon, which owns 9.9 per cent stake in Future Courpons Pvt Ltd a promoter entity of Future Retail, had sought to block the Reliance Retail and Future deal saying the deal violates Amazon and Future’s no compete deal.

In a statement to the stock exchanges, Future Retail said apart from the company, its promoters have also oved the top court against the Delhi High Court order.