Indian Court Drops Restraint on Future Group Chief's Sale of Personal Assets

An Indian court put on hold on Monday an order restraining Future Group chief Kishore Biyani from selling personal assets, amid legal challenges to the group’s $3.4-billion retail deal, Reuters reported. The legal fight over Future’s assets has embroiled two of the world’s richest men, Jeff Bezos of U.S. e-commerce giant Amazon.com Inc and Mukesh Ambani of Indian congolomerate Reliance Industries. In various Indian courts, including the Supreme Court, Amazon has accused Future of violating certain contracts by agreeing to sell its retail assets to Reliance. Future has denied any wrongdoing. Last week, a Delhi High Court judge ordered Biyani and others not to dispose of their assets and asked why they did not obey an arbitrator’s directive last year that blocked the transaction. But on Monday, the court’s Chief Justice D. N. Patel, heading a two-judge panel, put the order on hold after hearing Future’s appeal against it, saying the dispute was already being argued before the Supreme Court. Read more.

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