November 23, 2024 08:44 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
'Third World War has begun:' Ex-Ukraine military commander-in-chief Valery Zaluzhny | UK-India Free Trade Agreement negotiations to resume in early 2024 | UK can arrest Benjamin Netanyahu if he visits country based on ICC warrant | Centre to send over 10,000 additional soldiers to violence-hit Manipur amid fresh violence | Chhattisgarh: 10 Maoists killed during encounter with security forces in Sukma
Future Retail must take part in case against Reliance-Future deal filed by Amazon, says Singapore panel: Report
Reliance-Future deal

Future Retail must take part in case against Reliance-Future deal filed by Amazon, says Singapore panel: Report

| @indiablooms | 20 Oct 2021, 11:50 pm

Singapore: Future Retail cannot avoid being part of the arbitration process over a commercial dispute with Amazon.com Inc, a Singapore arbitration panel ruled on Wednesday, Reuters reported.

The Singapore arbitrator rejected the Indian retailer's attempt to avoid the process by stating that Amazon had initiated it incorrectly under a contract it signed with another Future group company, the report sid.

On August 29, 2020, Future Group had announced the sale of its retail and wholesale assets to Reliance Retail Ltd for Rs 24,713-crore.

In August 2019, Amazon had bought 49 percent stake in Future Coupons for Rs 1,500 crore.

Amazon said its 2019 deal with Future Group prevents it from selling the shares of Future Retail to RIL, its biggest rival in India, as the world's biggest e-commerce platform indirectly owns about a 3.5 percent stake in Future Retail.

On October 25, 2020, it won an injunction to halt the sale from the Singapore arbitrator that both the entities had agreed to use in case of a dispute.

In an order on Wednesday, which is not public but has been reviewed by Reuters, the panel disagreed with Future. It said the three agreements at the heart of the Future-Amazon dispute must be read together, and not separately, as Future argued.

The main arbitration proceedings will now begin in due course, people familiar with the matter said, according to Reuters.

Amazon is also fighting cases against the Reliance-Future deal in various Indian courts, including the Supreme Court.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.