New Delhi: The Future Group entity Future Coupons has approached the Supreme Court against the seizure of assets belonging to the company and its founder Kishore Biyani.
The Delhi HC order by Justice Midha had directed the attachment of assets of Future Group companies and Biyani and noted that the emergency arbitrator’s (Singapore International Arbitration Centre: SIAC) interim award needs to be complied with in India.
Future Coupons has asked the top court to stop the attachment of assets of Future Coupons, Future Retail and Kishore Biyani, challenging a single-judge ruling of the Delhi High Court.
The Delhi High Court in March had ruled Biyani and Future had deliberately and wilfully violated the Singapore tribunal order and imposed a fine of Rs 20 lakh on them, payable to the Prime Minister’s Relief Fund.
Amazon and Future have been locked in legal battles over the Future Group deal, with the US firm accusing the Indian group of violating pre-existing contracts when it sold its assets to Reliance. Future has denied any wrongdoing.
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