Amazon row: Firing yet again, Future Retail questions Singapore tribunal’s jurisdiction
January 29, 2021
Seeks vacation of arbitration award in fresh letter to SIAC
Future Retail Ltd (FRL) has questioned the jurisdiction of the Singapore tribunal on its dispute with Amazon, and said it will file a plea seeking vacation of the Singapore International Arbitration Center (SIAC) Emergency Arbitrator’s (EA) order.
In a fresh letter to the SIAC, Future Retail has said the order by a single Bench judge of the Delhi High Court has superseded the Singapore arbitration award. It wishes “to raise jurisdictional objection as a preliminary challenge,” it wrote. It further requested the Tribunal “to rule upon jurisdictional objections first, in a separate decision before the merits of the case.” A copy of the letter was viewed by
Future Retail, Future Enterprises hit upper circuit after Sebi clears deal with RIL
PTI
New Delhi |
Updated on
January 21, 2021
The BSE also granted its no adverse observation report to the ₹24,713-crore deal. Shares of Future Retail and Future Enterprises rose nearly 5 per cent and hit upper circuit limits after Sebi cleared Future Group s proposed multi-billion dollar deal with Reliance Industries Ltd (RIL). Future Enterprises Ltd s stock gained 4.98 per cent to touch the upper circuit limit of ₹12.01. Meanwhile, Reliance Industries Ltd (RIL) was trading at ₹2,114.8 during the late morning trade, rising 2.91 per cent. Based of this, the BSE also granted its no adverse observation report to the ₹24,713-crore deal.
Updated Dec 23, 2020 | 23:19 IST
Though CCI had already approved the Future Retail-Reliance Group deal last month despite opposition by Amazon, SEBI is yet to decide on the deal s validity. Representational Image
After CCI nod, Future Retail awaits SEBI nod to execute Reliance deal as Amazon opposes
HC yet to decide on merits of Emergency arbitrator s order to halt Future Retail-Reliance deal
Future Retail, Reliance Group, Amazon yet to challenge HC order in SC
A few days after the Delhi High Court left it to regulators Securities and Exchange Board of India (SEBI) and Competition Commission of India (CCI) to decide the legality of the Rs 24,713 crore Future Retail-Reliance Group deal, Future Retail has written a letter to National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
Future Retail is maintainable and that the resolution is neither void nor contrary to law. What does this spell out for Amazon and Future Retail-Reliance deal?
What I see this will be a long drawn battle and ultimately will be decided by the Supreme Court alone.
How is this going to impact the proposed Future-Reliance deal? How do you see the Delhi High Court verdict impact the proposed transactions?
I think this will drag on for a few more months and the matter ultimately will go to the Supreme Court. Even this Delhi High Court verdict will be challenged in the Supreme Court by both parties if they feel it goes against them and it is going to delay the whole deal. But there is definitely going to be a delay. There is no way by which this deal can go through immediately.