Lawstreet Journal

Amazon Gets Interim Relief as Singapore Arbitration Court Pauses Future-RIL Deal

Lawstreet Journal 26 Oct 2020 6:42pm

Image courtesy: Lawstreet Journal Business Amazon Gets Interim Relief as Singapore Arbitration Court Pauses Future-RIL Deal

On Sunday (25th October 2020), Amazon secured interim relief in a Singapore arbitration court, stalling partner Future Group’s plan to sell its retail and wholesale assets to a unit of rival Reliance Industries Ltd for Rs.24,713 crore.

The USA based e-commerce giant Amazon claimed that Future Group had violated an investment contract it had agreed to sell its retail assets to Reliance Retail Ventures Ltd (RRVL) which was clearly against the contract.

This case was heard by a single judge bench consisting of Justice V.K.Rajah. Future Retail was barred by the court from taking any step to dispose of or encumber its assets or issuing any securities to secure any funding from a restricted party. In the order by the court, Justice V.K.Rajah said that the parties will have to wait for further orders from the tribunal when constituted. 

The court order stated the following:

 “The majority respondents (Future Group) have asserted that the ‘horse has bolted’ and that, consequently, the claimant no longer has any legitimate interests meriting protection. This is incorrect. The horse has not bolted, even though the respondents have opened the stable door. Even assuming that the ‘horse has bolted’, it is apparent that the respondents are contractually obliged to work with the claimant to cajole the ‘unruly horse’ to return to its stable."

This court order gives Amazon a relief as a Future-Reliance deal could impose serious competition to the online retailer and Amazon who has a strong online presence has been trying for a long time to build its presence in… Continue Reading...

Tagged: Amazon  
Disclaimer: SoOLEGAL in Media collaboration with Lawstreet Journal. SoOLEGAL take no responsbility for the content provided by Lawstreet Journal. For any discrepancies Contact Lawstreet Journal.
Did you find this write up useful? YES 0 NO 0

C2RMTo Know More

Something Awesome Is In The Work









Sign-up and we will notify you of our launch.
We’ll also give some discount for your effort :)

* We won’t use your email for spam, just to notify you of our launch.

SAARTHTo Know More

Launching Soon : SAARTH, your complete client, case, practise & document management SAAS application with direct client chat feature.

If you want to know more give us a Call at :+91 98109 29455 or Mail