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Reliance deal: Future Retail in SC against HC orders

NEW DELHI: Kishore Biyani-led Future Retail Ltd on Saturday said it has approached the Supreme Court against orders passed by the Delhi high court to maintain status quo in relation to its Rs 24,713 crore deal with Reliance Retail and directing it to enforce the order of the Singaporebased emergency arbitrator.
In a regulatory filing, Future Retail said, “Please be informed that the company has filed a special leave petition before the SC against the impugned orders dated 2 February 2021 and18 March, 2021… It will be listed for hearing in due course.” In its petition, the company said “here is extreme urgency to hear” and “stay the impugned orders” passed by the single-member bench of Delhi HC, failing which the company would go into liquidation. Future Retail, in its petition, said the scheme of amalgamation, which will be listed before the NCLT, cannot go through due to the orders of the HC.
“Approximately Rs 28,000 crore of public money in the form of bank loans and debentures issued by FRL and its group companiesis also at risk,” it said. The magnitude of damage that may be caused is “unimaginable” as livelihoods of 35,575 employees of FRL and various companies that are part of the Scheme may be lost, it added.

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