Arbitration Panel Rejects Future's Plea On Reliance Deal In Dispute With Amazon
NDTV
A Singapore arbitration panel has rejected Future Retail's plea to quash an order from last year that put its $3.4 billion deal with Reliance on hold, in a boost for its partner Amazon.com Inc which is seeking to block the transaction.
New Delhi: A Singapore arbitration panel has rejected Future Retail's plea to quash an order from last year that put its $3.4 billion deal with Reliance on hold, in a boost for its partner Amazon.com Inc which is seeking to block the transaction.
Amazon has been locked in a tussle with Future and accuses it of breaking contracts when it sold its retail assets to Indian market leader Reliance last year. Future denies any wrongdoing.
After the Singapore arbitrator put the deal on hold in October 2020 in an interim decision, Future had appealed to revoke it. The panel has rejected that application, Future said in a statement to Indian stock exchanges on Friday.
"The arbitration tribunal has passed a decision dismissing the application to vacate the interim award," Future's statement said. "The Company would be deciding on its future course of action based on the legal advice and available remedies in law."
