Odisha News, Odisha Latest news, Odisha Daily - OrissaPOST
  • Home
  • Trending
  • State
  • Metro
  • National
  • International
  • Business
  • Feature
  • Entertainment
  • Sports
  • More..
    • Odisha Special
    • Editorial
    • Opinion
    • Careers
    • Sci-Tech
    • Timeout
    • Horoscope
    • Today’s Pic
  • Video
  • Epaper
  • News in Odia
  • Home
  • Trending
  • State
  • Metro
  • National
  • International
  • Business
  • Feature
  • Entertainment
  • Sports
  • More..
    • Odisha Special
    • Editorial
    • Opinion
    • Careers
    • Sci-Tech
    • Timeout
    • Horoscope
    • Today’s Pic
  • Video
  • Epaper
  • News in Odia
No Result
View All Result
OrissaPOST - Odisha Latest news, English Daily -
No Result
View All Result

Big relief for Future group, SC sets aside HC directions for coercive steps

IANS
Updated: February 1st, 2022, 11:49 IST
in National
0
Delhi High Court

Pic-IANS

Share on FacebookShare on TwitterShare on WhatsAppShare on Linkedin

New Delhi: In a relief to Future group companies, the Supreme Court Monday set aside Delhi High Court order, which initiated coercive steps against the firm and its promoters for alleged violation of the emergency award (EA) passed by the Singapore Arbitration Tribunal.

A bench headed by Chief Justice N.V. Ramana set aside the orders passed by the single bench of the high court, ordering coercive steps against Future group, and also the order passed in October last year, where the high court refused to stay the tribunal’s refusal to vacate the EA, restraining Future deal with Reliance. The top court has asked the high court to decide all matters on merits afresh.

Also Read

India-UK FTA

RBI Governor backs India-UK FTA, cites sector-wide benefits

30 mins ago
Money

Govt to offer Rs 15,000 to new employees under PM Viksit Bharat scheme

2 hours ago

January 11, the Future Group submitted before the Supreme Court that Future Retail Ltd. will sink with its 30,000 employees, if it’s over Rs 24,000 crore with Reliance Retail fails to reach fruition. Senior advocates Harish Salve and K.V. Viswanathan represented Future in the top court. After hearing detailed arguments, the top court on January 11 reserved the judgment.

Salve submitted that the company is in a precious financial situation due to the Covid pandemic, and if its deal with Reliance is obstructed, then 30,000 employees may lose their jobs. Senior advocate Mukul Rohatgi, appearing for Future Coupons, submitted the assets of the promoters of the Future Group are hypothecated, and if the deal with Reliance fails to go through then everybody will sink, pointing at thousands of employees.

The Future Coupons and Future Retail have moved the top court challenging the Delhi High Court’s single bench March 2021 order, directing attachment of assets of Future group companies and its promoters for breach of Emergency Award by Singapore Tribunal. Both sides have so far filed several cases at various forums, which include the apex court, Delhi High Court, and the Singapore International Arbitration Centre (SIAC).

In 2020, Amazon invoked arbitration after Future Retail announced its asset sale deal with Reliance Industries Ltd wholly owned subsidiary, Reliance Retail.

In December last year, the Competition Commission of India (CCI) had imposed a penalty of Rs 202 crore on Amazon and suspended its approval for the e-tailer’s deal with Future Coupons, a promoter firm of the group’s public listed company Future Retail Ltd, seeking more information. The US e-commerce giant has challenged the CCI order at the National Company Law Appellate Tribunal (NCLAT).

IANS

Tags: Delhi High CourtEAFuture GroupNCLATSingapore Arbitration TribunalSupreme Court
ShareTweetSendShare
Suggest A Correction

Enter your email to get our daily news in your inbox.

 

OrissaPOST epaper Sunday POST OrissaPOST epaper

Click Here: Plastic Free Odisha

slide 2 to 4 of 30
#MyPaperBagChallenge

Adrita Bhattacharya

December 12, 2019
#MyPaperBagChallenge

Rajashree Pravati Mohanty

December 12, 2019
#MyPaperBagChallenge

Ipsita

December 12, 2019
#MyPaperBagChallenge

Sipra Mishra

December 12, 2019
#MyPaperBagChallenge

Akshaya Kumar Dash

December 12, 2019
#MyPaperBagChallenge

Arya Ayushman

December 12, 2019
#MyPaperBagChallenge

Tabish Maaz

December 12, 2019
#MyPaperBagChallenge

Jyotshna Mayee Pattnaik

December 12, 2019
#MyPaperBagChallenge

Manas Samanta

December 12, 2019
#MyPaperBagChallenge

Sibarama Khotei

December 12, 2019
#MyPaperBagChallenge

Swarit Praharaj

December 12, 2019
#MyPaperBagChallenge

Matrumangal Jena

December 12, 2019
#MyPaperBagChallenge

Praptimayee Biswal

December 12, 2019
#MyPaperBagChallenge

Subhajyoti Mohanty

December 12, 2019
#MyPaperBagChallenge

Faiza Firdous

December 12, 2019
#MyPaperBagChallenge

Bijswajit Pradhan

December 12, 2019
#MyPaperBagChallenge

Kamana Singh

December 12, 2019
#MyPaperBagChallenge

Aishwarya Ranjan Mohanty

December 12, 2019
#MyPaperBagChallenge

Priyabrata Mohanty

December 12, 2019
#MyPaperBagChallenge

Archit Mohapatra

December 12, 2019
#MyPaperBagChallenge

Pratyasharani Ghibela

December 12, 2019
#MyPaperBagChallenge

Sarfraz Ahmad

December 12, 2019
#MyPaperBagChallenge

Jhili Jena

December 12, 2019
#MyPaperBagChallenge

Rajashree Manasa Mohanty

December 12, 2019
?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????
#MyPaperBagChallenge

Dibya Ranjan Das

December 12, 2019
#MyPaperBagChallenge

Aman Kumar Barisal

December 12, 2019
#MyPaperBagChallenge

Debasis Mohanty

December 12, 2019
#MyPaperBagChallenge

Shreyanshu Bal

December 12, 2019
#MyPaperBagChallenge

Pratik Kumar Ghibela

December 12, 2019
#MyPaperBagChallenge

Narendra Kumar

December 12, 2019
#MyPaperBagChallenge

Adrita Bhattacharya

December 12, 2019
#MyPaperBagChallenge

Rajashree Pravati Mohanty

December 12, 2019
#MyPaperBagChallenge

Ipsita

December 12, 2019
#MyPaperBagChallenge

Sipra Mishra

December 12, 2019

Archives

Select Month

    Editorial

    Exit Mystery

    Jagdeep Dhankhar
    July 23, 2025

    A major controversy has erupted after the sudden resignation of Vice President Jagdeep Dhankhar, tendered hours after he had attended...

    Read more

    Voting At 16

    Ballot Box
    July 22, 2025

    It has long been held that when one is young, one tends to subscribe to pro-poor and people-oriented progressive politics,...

    Read more

    Water Bomb

    OPiate
    July 21, 2025

    On 19 July, China began constructing a $167.8 billion dam on the Brahmaputra River in Tibet, close to the Indian...

    Read more

    Wild Swing

    July 20, 2025

    The BJP is seen today as a corporate-friendly political party, and this is the view held by both the party’s...

    Read more
    • Home
    • State
    • Metro
    • National
    • International
    • Business
    • Editorial
    • Opinion
    • Sports
    • About Us
    • Advertise
    • Contact Us
    • Jobs
    Developed By Ratna Technology

    © 2024 All rights Reserved by OrissaPOST

    • News in Odia
    • Orissa POST Epaper
    • Video
    • Home
    • Trending
    • Metro
    • State
    • Odisha Special
    • National
    • International
    • Sports
    • Business
    • Editorial
    • Entertainment
    • Horoscope
    • Careers
    • Feature
    • Today’s Pic
    • Opinion
    • Sci-Tech
    • About Us
    • Contact Us
    • Jobs

    © 2024 All rights Reserved by OrissaPOST

      • News in Odia
      • Orissa POST Epaper
      • Video
      • Home
      • Trending
      • Metro
      • State
      • Odisha Special
      • National
      • International
      • Sports
      • Business
      • Editorial
      • Entertainment
      • Horoscope
      • Careers
      • Feature
      • Today’s Pic
      • Opinion
      • Sci-Tech
      • About Us
      • Contact Us
      • Jobs

      © 2024 All rights Reserved by OrissaPOST