HC directs Future Retail to maintain status quo on deal with Reliance

The Delhi High Court on Tuesday dealt a major blow to Future Group by directing it to maintain status quo till further orders regarding its Rs 24,713 crore deal with Reliance Retail to sell certain retail assets to the latter. Amazon has objected to the deal, seeking enforcement of an award by Singapore’s Emergency Arbitrator (EA) which has restrained Future Group from going ahead with the transaction.

The court said the EA’s order is enforceable in the same manner as that of an arbitrator’s order. It said that the EA had rightly proceeded against Future Retail (FRL) and its award was not a nullity.