Amazon-Future row: Singapore s arbitration court forms 3-member panel to pass final verdict
The three-member arbitration panel will be led by Singaporean barrister Michael Hwang, while Albert van den Berg and Jan Paulsson will be the two other members
BusinessToday.In | January 6, 2021 | Updated 21:08 IST
The arbitration proceedings between Amazon and Future could take 6-9 months
Amid ongoing arbitration battle between US-based Amazon and Kishore Biyani-led Future Retail, the Singapore International Arbitration Centre (SIAC) on Tuesday formed a three-member panel to pass its final verdict on Future Group s Rs 24,713 crore deal with Reliance Industries Ltd. Both the parties have reportedly agreed to the names of the three-member arbitration tribunal required for the arbitration process, which is expected to start over the next fortnight.
Regulators ought to be guided by Delhi HC order: Future Retail
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Future Retail scheme not impeded, Amazon contravened FDI, FEMA rules
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SEBI has to approve scheme by FRL, Amazon objections not valid
By IANS |
Published on
Mon, Dec 21 2020 14:03 IST |
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SEBI.. Image Source: IANS News
New Delhi, Dec 21 : SEBI has to approve the scheme submitted by Future Retail Limited (FRL) so long as the scheme is in compliance with statutory provisions of Companies act and other SEBI regulations.
Amazon s objections is no longer relevant for approval of Scheme by SEBI is the takeaway from the Delhi High Court order today.
FRL Board Resolution approving Scheme and sale of business to Reliance is Valid and in accordance with statutory provisions not void as claimed by Amazon.
The Delhi High Court on Monday declined to grant Kishore Biyani-led Future Retail Ltd s (FRL) plea for an interim injunction restraining Amazon from writing to SEBI, CCI and other authorities about the arbitral order against its asset sale. On August 29 this year, the Future Group announced sale of its retail and wholesale business to Reliance Retail in a Rs 24,713 crore deal. It announced plans to merge key group companies, including Future Retail, Future Lifestyle Fashions, Future Consumer, Future Supply Chains and Future Market Networks into FEL. However, the Jeff Bezos-led company argued that a 2019 pact it signed with Future prevented the Indian company from selling its retail assets to certain parties. It had also won an interim award against the transaction between RIL and the Future group after a Singapore-based single judge arbitration panel put the transaction on hold.