INSUBCONTINENT EXCLUSIVE:
Supreme Court has halted seizure of assets owned by Future Group promoter Kishore BiyaniIn a major relief to Future Group, the Supreme Court
on Thursday halted seizure of assets owned by Future Coupons, Future Retail and Future Group promoter Kishore Biyani.A single judge bench of
the Delhi High Court had ordered the attachment of assets in March
It had directed the Future group firms and promoters to file their affidavits giving details of their assets for violating an emergency
arbitrator award.The Supreme Court directed market regulator SEBI, National Companies Law Tribunal (NCLT) and Competition Commission of
consideration the submissions advanced by the learned senior counsel for the parties and particularly the fact that the parties have
approached the Singapore International Arbitration Centre for vacating the Emergency Award passed by the Emergency Arbitrator.....we think
it fit to balance the interest of both the parties by staying all further proceedings before the Delhi High Court for the time being.''The
Supreme Court will hear the matter again after four weeks
the assets of Future Coupons, Future Retail and Future Group promoter Kishore Biyani.A single judge of the Delhi High Court had ordered the
assets for violating an Emergency Arbitrator award.The Emergency Arbitrator of Singapore International Arbitration Centre (SIAC), had on
October 25 last year, restrained the Future group from going ahead with its Rs 24,731 crore deal with Reliance Industries to sell its retail
and wholesale business, and the logistics and warehousing business.On August 6, 2021, the Supreme Court had ruled in favour of e-commerce
that an award of an Emergency Arbitrator of a foreign country is enforceable under the Indian Arbitration and Conciliation Act.
