SC upholds interim orders restraining IDBI trusteeship from selling Future Retails Shares

Upholding the Bombay High Court order, the apex court restrained IDBI Trusteeship & UBS Bank from invoking & selling shares of Future Retail Ltd. A bench of Justices SK Kaul and BR Gavai refused to interfere in the order passed by the Bombay High Court on March 30.

New Delhi: The Supreme Court bench comprising of Justice SK Kaul and Justice BR Gavai upheld the Bombay High Court order which had passed interim orders restraining the IDBI and USB from selling Future Retail' Shares.

On 30th March earlier this year, the High Court had restrained both the banks from selling pledged Future Retail shares to secure the debentures issued by Future Group Company Rural Fairprice Pvt ltd.

It had also directed the UBS to withdraw any orders already placed with brokers for the sale of the shares.