NEW DELHI: In a major setback to Future Group, the Delhi high court on Thursday restrained the company from going ahead with Rs 24,713 crore deal with Reliance Industries.
The court has directed Future Retail not to take any further action the deal. It also held that the company wilfully violated Singapore arbitrator’s order.
Future Group and its directors have also been asked to deposit Rs 20 lakh in PM relief fund for providing Covid-19 vaccine to senior citizens of BPL category.
The decision is a setback for Future, the country’s second-largest retailer with over 1,700 stores, which agreed to sell its retail businesses to market leader Reliance last year.
However, e-commerce giant Amazon, which had its sights set on ultimately owning part of the retail assets itself, argued a 2019 deal it had with a unit of Future contained clauses prohibiting Reliance Retail from selling them to anyone on a “restricted persons” list including Reliance.
(With inputs from agencies)