The Delhi High Court (HC) has rejected a plea by the Future Group challenging the Singapore International Arbitration Centre (SIAC’s) order. The order under challenge had reportedly dismissed the company’s plea to stay the arbitration proceedings with the giant Amazon. With Delhi HC rejecting the plea, Amazon will now reportedly now be able to continue its arbitration proceedings with Future Group.
Before this, the Delhi High Court had reserved its verdict on several pleas that had to do with this ongoing issue between Amazon and the Future Group, primarily over the Future Retail Ltd.’s deal with Reliance Retail.
For the unversed, Amazon had moved the Supreme Court for allowing arbitration proceedings with the Future Group to continue before SIAC. However, as per last updates, the Future Group’s side had reportedly expressed unhappiness that the tribunal had been counting with arbitration proceedings.
Additionally, Amazon has also reportedly sought damages from the Future Group, especially with regards to its investment of Rs 1,400 crore in the Future Coupons.
Both Future Group and Amazon have been at this after the former decided to sell its Big Bazaar business to Reliance Retail, a subsidiary of Reliance Industries. The deal was opposed by Amazon.com NV Investment Holdings LLC on the pretext that its investment in Future Coupons does not allow Future to sell retail assets to certain companies, including Reliance.