NCLT, CCI and SEBI do not issue orders for future deals for four weeks: Supreme

A stay has been placed on the order of the Delhi High Court to confiscate the assets of Future Retail

New Delhi: The Supreme Court has delivered a landmark judgment in a deal between Future Retail and Reliance Retail, which has given relief to Kishore Biyani. The apex court on Thursday stayed all proceedings in the Delhi High Court for four weeks, including the execution of an order by Singapore's emergency arbitrator barring Future Retail Ltd from proceeding with a Rs 24,731-crore merger deal with Reliance Retail.

The apex court in its order directed the legal entities like NCLT, CCI and SEBI not to issue any final order on the merger deal for the next four weeks. The Supreme Court has reserved its final verdict in the case after hearing both the parties.

Future Retail and Future Coupon Pvt Ltd have filed an application in the Supreme Court on August 17 against the Delhi High Court's order stating that it will enforce an earlier order by its single judge which will forward the award to Future Retail with regard to the Emergency Arbitrator's award.

In March, the Delhi High Court had also ordered the seizure of assets of Future Group companies - Future Retail and Future Coupon. However, following a new Supreme Court directive, Kishore Biyani has been relieved to have his assets confiscated by Future Group.