Future Retail moves Delhi High Court against SIAC order

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”.

“The Company has filed an appeal … before High Court of Delhi against the impugned order dated October 21, 2021 passed by SIAC on the Application of the Company to vacate the Interim Award of the Emergency Arbitrator dated 25 October 2020,” FRL said in a regulatory filing.