Amazon told the Supreme Court that the Biyani family of Future Group had negotiated some settlement with it and that the decision was taken by the Emergency Arbitration (EA) of the Singapore Arbitration Center. Wherein Future Retail Limited (FRL) has been barred from proceeding on the merger deal with Reliance Retail.
The US e-commerce company reiterated before a bench of Justices RF Nariman and BR Gavai that the Singapore International Arbitration Center’s (SIAC) interim decision restraining FRL from the Rs 24,713 crore deal with Reliance Retail should be implemented. Senior advocate Aspi Chinoy, appearing for Amazon, said, “It was the Biyani family that had negotiated with Amazon and persuaded it to enter into a settlement, Biyani is the party involved in the arbitration and is clearly bound by the arbitration agreement.” .
knowingly violated agreements
Amazon has made Kishore Biyani and 15 others, including FRL and Future Coupons Pvt Ltd, parties in the petitions challenging the Delhi High Court order that cleared the deal. Chinoy said, in this case it is sheer dishonesty and commercial immorality. You persuade people to compromise, then you violate these agreements. When it comes to emergency arbitrators, you don’t advocate on merit.
He also said that FRL and its office bearers have “willfully and maliciously” violated the agreements in this matter.
Salve will now present his arguments on July 27
Senior Advocate Harish Salve, appearing for Future Group, initiated the debate and touched upon the issue of enforceability of the Emergency Arbitrator’s decision and said that the Law Commission’s recommendation on this has not yet been accepted or acted upon by the Parliament. Has been. Salve will now present his arguments on July 27.
Amazon has challenged in the Supreme Court the division bench decision of the Delhi High Court paving the way for the Reliance-FRL deal.
Is this the whole matter?
In August 2009, an agreement was signed to buy 49 per cent stake in Future Coupons Limited, an unlisted company of Amazon Future Group. Future Coupons holds 7.3 per cent stake in Future Retail, a BSE listed company of the Future Group. Amazon had also tied up with Future that it can also buy information details between 3 to 10 years.
On 29 August 2020, Future Group, in its agreement with Reliance, in which it had signed an agreement to sell its retail and wholesale business to Reliance Retail, said that its agreement with Reliance Industries is worth Rs 24,713 crore. Amazon challenged this before a one-man emergency bench at the Singapore International Arbitration Center in October 2020. Amazon alleged that it has violated the contract with Reliance in the future by entering into a sale agreement with Reliance.
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