An Indian court blocked Future Group CEO Kishore Biyani from selling his personal assets. Future Group is in the midst of a legal dispute with Amazon after it sold its retail assets to Reliance industries for $3.4B last August. Amazon said the sale violates previous agreements. In 2019, Amazon acquired a 49% stake in Future Group, which owns a small stake in Future Retail, giving Amazon a 3.58% stake in the retail company.
- Amazon said Biyani violated an arbitrator’s order that blocked him from selling his personal assets. It urged the Delhi High Court to place him in a civil prison.
- A judge subsequently issued a “show cause” notice to Biyani and others involved in the case, demanding they explain why they shouldn't be jailed for violating the order.
- Last month, the Indian Supreme Court issued a temporary halt to the deal, which barred a final ruling from a tribunal until the high court hears Amazon's objections to the retail sale.