India High Court lifts freeze on Future Retail assets

An Indian court has halted the implementation of a ruling that froze assets of Future Retail and its founders on a petition by Amazon Inc.

Future Retail’s shares rose 6% as of 12:40 p.m. in Mumbai while the benchmark index dropped 1%. (MINT_PRINT)

An Indian court has halted the implementation of a ruling that froze assets of Future Retail Ltd. and its founders on a petition by Amazon.com Inc. The American giant wants to block the sale of the retailer to Mukesh Ambani's Reliance Industries Ltd.

The Delhi High Court on Monday stayed the March 18 verdict that had ordered Future Retail to ask regulators to withdraw approvals for the deal. Amazon will petition the Supreme Court to seek implementation of the ruling, the company's lawyer Gopal Subramanium said during the hearing.

In an earlier hearing, the Supreme Court had said the companies will not get final approval for the deal until legal proceedings are complete. Future Retail will abide by this, its lawyer said on Monday.

The hearings prolong a battle for dominance of India's vast retail market.

Future Retail's shares rose 6% as of 12:40 p.m. in Mumbai while the benchmark index dropped 1%.