The court upheld an order restricting Future Group boss Kishore Biani from selling personal assets amid legal disputes over the group’s $ 3.4 billion (approximately 24,610 kroner) retail deal.
The legal struggle is over The future assets has involved two of the richest people in the world, Jeff Bezos of the American e-commerce giant Amazon and Mukesh Ambani of the Indian conglomerate Reliance Industries.
In various Indian courts, including the Supreme Court, Amazon has accused Future of violating certain contracts by agreeing to sell its assets at retail to Reliance. The future has denied any violations.
Last week, a judge at the Supreme Court in Delhi Biani ordered and others not to dispose of their assets and asked why they did not comply with an arbitration directive last year that blocked the transaction.
But on Monday, court president DN Patel, presiding over a panel of two judges, withheld the order after hearing Future’s appeal against it, saying the dispute was already pending before the Supreme Court.
“That’s what we’re staying with,” Patel added.
In February, at a hearing on Amazon’s challenge to the deal, the Supreme Court said final approval should be refused until it heard objections from the US e-commerce giant.
Amazon and a spokesman for Future and Biyani did not immediately respond to a request for comment.
The end result of the quarrel over Future’s assets can be seen in shaping the Indian market sector, which is now being shaken by coronavirus pandemic and will decide whether Amazon is able to maintain the dominance of Reliance.
© Thomson Reuters 2021
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