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Amazon and Future Group (FRL) on Monday agreed before the Supreme Court to resume the arbitration case in Singapore International Arbitration Centre (SIAC) in connection with the merger deal of FRL with Reliance Retail.
A bench headed by Chief Justice of India NV Ramana asked Amazon and Future Group to file a joint memorandum. The Court was informed by the counsels of both parties that they have agreed to appear before the SIAC arbitral tribunal. The Supreme Court said that it will request SIAC to expedite the proceedings. Amazon.com NV Investment Holdings LLC and FRL are embroiled in a legal fight over FRL's Rs 24,713 crore merger deal with Reliance Retail. Amazon has been opposing the Future group's decision to go ahead with the merger deal of FRL with Reliance Retail. It got the Emergency Award of the Singapore International Arbitration Centre (SIAC) in its favour which restrained Future group from going ahead with the merger deal. The apex court was hearing Amazon's plea to restrain Future Retail from alienating its retail assets until arbitration between the American company Amazon and the Kishore Biyani-owned group Future concludes. Earlier, Amazon had told the Supreme Court that there were talks for settlement between Amazon and Future Group but there has been no headway in the mediation proceedings on the assets of FRL. It had also said that even as the top court ordered to keep hands off, FRL stores have been taken over by Reliance. (ANI)
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