HC stays status quo order in Future-Reliance deal
Recce on for locations in Kashmir
The Delhi High Court on Monday stayed an earlier order by a single judge asking Future Group to maintain status quo with respect to its Rs 24,713crore deal with Reliance Retail till the pronouncement of its final order.
A bench of chief justice D. N. Patel and justice Jyoti Singh passed the interim direction on Future Retail's appeal challenging the February 2 order of the single judge. In the February 2 order, Future Retail and all the concerned authorities were directed to maintain status quo with respect to all matters in violation of the order dated October 25, 2020. The single-judge is hearing Amazon's plea seeking enforcement of the October 25, 2020 Emergency Award given by Singapore International Arbitration Centre, restraining Future Group from going ahead with the deal with Reliance Retail.
"Statutory authorities should not be restrained from proceeding in accordance with law on FutureReliance deal," said the division bench on Monday, referring to bodies like NCLT, CCI and Sebi. It also turned down Amazon's request to suspend Monday's order for a week.
However, the bench clarified that it will not come in the way of the final order to be pronounced by the single judge. While asking the respondents to maintain status quo, the single judge also wanted to file the status report within 10 days of the receipt of the order.
The court issued notice to Amazon and sought its stand on FRL's appeal by February 26 when it will commence day-to-day hearing of the matter.
In the interim order, the division bench said it was staying the single judge order as firstly, FRL was not a party to the share subscription agreement (SSA) between Amazon and Future Coupons Pvt Ltd (FCPL) and the US ecommerce giant was not a party to the deal between FRL and Reliance Retail.
The bench further said it was of the prima facie view that the share holding agreement (SHA) between FRL and FCPL, the SSA between FCPL and Amazon and the deal between FRL and Reliance Retail "are different" and "therefore, the group of companies doctrine cannot be invoked."
Hrithik Roshan has been trying out a lot of new looks for his film The Night Manager, and has reportedly locked one.
The web series bankrolled by Preity Zinta for an OTT platform has been sold by the original producers of the show IMG to 180 countries. Aarya Sandep Modi, one of the directors of the Sushmita
Sen web show, will be directing the project which will see Hrithik Roshan essay an Indianised version of the Jonathan Pine character played by Tom Hiddleston in the original
2016 limited series.
He will play a former soldier working as the night manager at a luxury hotel, who is hired by a government espionage organisation to break into the coterie of an arms dealer. “Hrithik has been working on different looks. He even got his fan clubs to post some pictures to gauge the response of fans to some of the looks,” say sources. “The series is slated to be shot in Kashmir and a recce is in progress in the hilly region,” add the sources.