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  
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