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In a setback to the Future Group, the Delhi High Court on Tuesday dismissed its pleas seeking a direction to a Singapore tribunal to deal with its termination application in connection with deal with Amazon.
The Singapore-based tribunal has been hearing Amazon’s petition against the Future Group in connection with the deal between the two companies signed in 2019.
In a new development in the Future Retail and Amazon legal battle, Future has moved the Delhi High Court seeking a direction to declare the ongoing arbitration proceedings by a Singapore panel with Amazon as illegal
In a new development in the Future Retail and Amazon legal battle, Future has moved the Delhi High Court seeking a direction to declare the ongoing arbitration proceedings by a Singapore panel with Amazon as illegal. In December last year, the Competition Commission of India (CCI) had imposed a penalty of Rs 202 crore on Amazon and suspended its approval for the e-tailer's deal with Future Coupons, seeking more information.
The Delhi High Court on Monday reserved its order on the petition by the Future Group seeking a direction to the SIAC arbitral tribunal to first decide on its application on termination of arbitration proceedings. The Singapore based three-member tribunal is hearing the arbitration dispute initiated by Amazon.com NV Investment Holdings alleging violation of contractual obligation by Future Coupons Pvt. Amazon had initiated the arbitration arguing that the Future Group's transaction with Reliance Group violated the terms of the 2019 contract.