In a setback for Future Retail, Delhi High Court (HC) has rejected company's ad-interim plea seeking a stay of Emergency Arbitrator Order in Amazon-Future case.
On Thursday, Future Retail had moved Delhi HC seeking the stay on an interim order passed by the Singapore International Arbitration Centre (SIAC) on October 21.
An emergency arbitrator granted an interim award in favour of Amazon. The order rejected Future Retail's plea to lift the stay on the company's Rs 24,713 crore deal with Reliance Retail. It held that Future Retail was a party to the ongoing arbitration dispute between Amazon and Future Group pertaining to the sale of its assets to Reliance Retail.
Future and Amazon have been engaged in a legal tussle since October 2020 with Amazon approaching the Singapore International Arbitration Centre objecting to a deal between Future Retail and Reliance Retail in 2019.
Amazon is trying to block the sale of Future Group's retail, wholesale, and logistics business to Reliance Industries Ltd for Rs 24,713 crore for allegedly breaking contracts.
Amazon has argued the 2019 deal it had with a Future unit contained clauses prohibiting the group from selling its retail assets to anyone on a "restricted persons" list that included Reliance.
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