On Saturday, Kishore Biyani-led Future Retail Ltd said it has approached the Apex Court against orders passed by the High Court of Delhi to maintain status quo in relation to its Rs 24,713 crore deal with Reliance Retail & directing it to enforce the order of the Singapore-based 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 plea, the company said “here is extreme urgency to hear” & “stay the impugned orders” passed by the single-member bench of Delhi High Court, 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 High Court.
“Approximately Rs 28,000 crore of public money in the form of bank loans & debentures issued by FRL & 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 & various companies that are part of the Scheme may be lost, it added.
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