A division bench of the Delhi high court on Monday stayed an order of a single judge that restrained Future Retail (FRL) from proceeding with its Rs 24,713-crore deal with Reliance Retail.
It also stayed the single-judge order directing Future group founder Kishore Biyani and others to appear in the court on April 28.
Similarly, the single judge’s direction imposing a cost of Rs 20 lakh on Future Group as well as its directors, asking them to deposit it in Prime Minister’s Relief Fund within two weeks for providing Covid-19 vaccination to senior citizens below the poverty line in Delhi was also stayed.
The development led to a rally in Future group stocks. Shares of Future Retail jumped 6.27 per cent to settle at Rs 59.35 and Future Enterprises finished 9.92 per cent higher at Rs 9.53. Future Consumer Ltd shares surged 9.97 per cent to Rs 7.06, Future Market Networks rose 4.65 per cent to Rs 15.75 and Future Lifestyle Fashions Ltd gained 7.09 per cent to Rs 69.45 on the BSE.
“We hereby stay the order of the single judge dated March 18, 2021 till the next date of hearing,” the division bench of Chief Justice D. N. Patel and Justice Jasmeet Singh said while listing the matter for further hearing on April 30.
In the hearing on Monday, senior advocate Harish Salve, who appeared for Future Group, urged the court to stay all the directions passed by the single judge on March 18.
Meanwhile, Future group on Monday said the National Company Law Tribunal can continue its hearing over the sale and merger of its retail business with Reliance Industries’ retail arm.
