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Future Retail must participate in Amazon dispute arbitration: Singapore panel

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The Singapore Arbitral Tribunal on Wednesday held that Future Retail Ltd cannot be exempt from appearing for the proceedings of its arbitral dispute with Amazon.

Future Retail must participate in Amazon dispute arbitration: Singapore panel
The Singapore Arbitral Tribunal on Wednesday held that Future Retail Ltd (FRL) cannot be exempt from appearing for the proceedings of its arbitral dispute with Amazon.
Future Retail will have to participate in arbitral proceedings, the panel said. It also held that Emergency Arbitrator order staying the Future Retail deal will continue to remain in place.
The development comes against the backdrop of FRL seeking to vacate the Emergency Arbitrator stay on sale of retail assets. FRL had also sought an exemption from arbitral proceedings arguing that Amazon's investment agreement was with Future Coupons and not Future Retail.
The two entities 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.
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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.
After the Singapore arbitrator put the deal on hold last year in an interim decision, Future argued it should be excluded from arbitration because Amazon had initiated it incorrectly under a contract it signed with another Future Group company.
The e-commerce giant brought proceedings against Future before a Singapore arbitration panel, and the case is also being fought at various Indian legal forums. The final arbitration between Amazon and Future will begin on November 4 and the arguments will be heard till November 9.
(With inputs from Reuters)
Disclaimer: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
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