The appeals by Future Retail Ltd, Future Coupons Pvt Ltd and the promoters will be heard on March 22 by a Division Bench of Chief Justice DN Patel and Justice Jasmeet Singh.
In the order under challenge, a Single Judge Bench of Justice JR Midha had held that Future Retail, Future Coupons, Kishore Biyani and other promoters, directors violated the Emergency Award. It also imposed costs of Rs 20 lakh on Future Group companies, Biyani and other respondent parties.
Directing Future Group to not take any further action in furtherance of the deal with Reliance, the Single Judge had held that the Emergency Arbitrator had rightly invoked the ‘Group of Company’ doctrine in relation to the Future Group companies.
Finding the Furture Group companies and its directors, promoter to be in deliberate and willful violation of the Emergency Award, the Single Judge also issued a show-cause notice to Biyani and other promoters, directors of Future Group companies, asking why they should not be detained in civil prison for a term not exceeding three months.
It also inter alia directed the attachment of assets of Biyani, Future Retail, Future Coupons and other respondent parties.
Significantly, the Court also held that combining/treating all the agreements between Amazon-Future Coupons Ltd and Future Coupons-Future Retail as a “single integrated transaction” did not amount to control of Amazon exercising control over FRL and therefore, would not be in violation of any law.
