HC’s interim order was passed on a plea of Amazon which has invested ₹1,43l crore in FCPL
Future Retail Limited (FRL) on Thursday said if the interim order of the Delhi High Court directing status quo with regard to its assets sale deal with Reliance Retail was not vacated, it would have “disastrous” consequences for the Kishore Biyani-led company.
“It is almost a ₹25,000 crore deal in which Reliance will take over [FRL’s] shops. Reliance will take over all the liabilities. So all the banks and financial institutions are safe. And put money on the table,” senior advocate Harish Salve, representing FRL, said.
“Also, very important aspect of the deal was 25,000 employees will be safe. This deal was done sometime in August 2020,” Mr. Salve added.
The High Court’s Tuesday interim order was passed on a plea of e-commerce giant Amazon, which has invested ₹1,43l crore on Future Coupons Pvt. Ltd. (FCPL). FCPL has 9.82% stake in FRL.
During the hearing, a Bench of…