Supreme Court sets aside February ruling restraining Future Retail from selling its assets to Reliance Retail

The Supreme Court on Tuesday has set aside a February ruling by a Delhi High Court that had restrained Future Retail from selling its assets to Reliance Retail till it decided on Amazon’s challenge.

In his February ruling, Justice JR Midha had said Future Retail, Future Coupons and group founder Biyani were in violation of an October interim order of the Singapore International Arbitration Centre (SIAC) and the court had also imposed a Rs 20 lakh fine on Biyani and directed Future Group to approach the authorities to recall all approvals granted to the Future-Reliance deal.

On Tuesday, the apex court has also ordered a separate bench of the Delhi High Court to be constituted for hearing of the matters, according to a person familiar with the development.