Amazon wins Interim Relief; SIAC puts Future-Reliance deal on hold
Amazon.com Inc has won an interim award against Kishore Biyani led Future Group which was to sell its retail business to Reliance Industries Ltd. for Rs. 24,713 crore.
The Singapore International Arbitration Centre (SIAC) passed an interim order asking Future Group to hold its sell-out plans to Reliance Group and wait for the final judgment on the plea filed by Amazon.
Earlier this month, Amazon had filed an arbitration petition with SIAC claiming that Future Group violated the contract under which Amazon held an indirect stake in their retail business in 2019 and sought that the Future-Reliance deal be halted.
Amazon, which had agreed to purchase 49% of one of Future's unlisted firms last year with the right to buy into flagship Future Retail Ltd after a period of three years to 10 years, had dragged Future to arbitration after the indebted Kishore Biyani group firm signed pact to sell retail, wholesale, logistics and warehousing units to billionaire Mukesh Ambani's Reliance.
According to sources, a three-member arbitration panel, with Future and Amazon appointing one representative each and a third member being a neutral umpire, would decide on the dispute in 90 days
The development comes even as Reliance Industries has applied for clearance from the Competition Commission of India (CCI) on its deal with Future Group.
Amazon team was represented by former Solicitor General Gopal Subramanium, Senior Advocate Gourab Banerji, Amit Sibal and Alvin Yeo. While Future Retail side was represented by Senior Advocate Harish Salve.