Lawstreet Journal

'SIAC decision barring asset Sales not enforceable': Future Group informs the Supreme Court

Lawstreet Journal 2 Aug 2021 4:48pm

Image courtesy: Lawstreet Journal Business 'SIAC decision barring asset Sales not enforceable': Future Group informs the Supreme Court

Future Retail (FRL) in the Supreme Court of India, on 26th July (Tuesday), stated that the Singapore International Arbitration Centre's emergency decision, which halted the proposed sale of Future Group's assets and operations to Reliance Retail, was unenforceable under a clause of India's arbitration Act.

Simultaneously, Harish Salve, FRL's senior lawyer, stated that his client had not decided to sign an arbitration agreement with Amazon.

Salve informed the bench of Justices Rohinton Fali Nariman and BR Gavai that the notion that FRL signed an agreement and now backtracks is incorrect.  He had never entered into a contract with Amazon.

Nevertheless, the court said it will consider if Singapore's emergency arbitrator award was legal under Indian law and could be implemented, according to the Press Trust of India.

Future Group's attorneys have been contending for months - first in the Delhi High Court, then in the Supreme Court - that Amazon had a direct shareholder arrangement with a promoter business, Future Coupons, and that the listed FRL had nothing to do with it.

In response, Amazon has argued that FRL must obtain its approval before selling assets under the 2019 deal in which the US ecommerce giant invested approximately $1500 crore in Future Coupons, which owns 9.8% of FRL directly.

Amazon filed a case in April, in the Supreme Court of India, contesting a March judgement by a Delhi High Court division bench quashing a single-judge panel's decision.

For allegedly violating the October 2020 emergency award of the Singapore arbitrator, the single-judge bench ordered… Continue Reading...


Tagged: SIAC   Reliance Industries Limited   Future Group  
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