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Bond Market News
Delhi High Court Delivers Another Blow to Future Retail
March 19, 2021
The Delhi High Court (HC) maintained its position in the Future Retail vs. Amazon case noting that Future Retail and its CEO Kishore Biyani have deliberately disobeyed orders and are liable to face action under the code of civil procedure. With this, the company has been restrained from its $3.7bn deal with Reliance Retail. The Delhi HC put a freeze order on Biyani’s assets and those of other directors and ordered them to file an affidavit to show cause as to why they should not be detained in civil prison for violation of the emergency arbitrator’s orders. Last month, the Delhi HC put a hold on the Future-Reliance Retail deal after Amazon’s objections, which came after Amazon’s plea to seek enforcement of the Singapore arbitrator’s award. Future Retail’s USD 5.6% 2025s were flat at 85.81, yielding 10.2%.
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