Amazon-Future-Reliance Case: SC Rules In Favour Of Amazon, Bench Holds Emergency Arbitrator Order Enforceable
Supreme Court bench stated that Singapore's Emergency Arbitrator Award that restrained Future Retail Ltd from going ahead with its merger deal with Reliance Retail is enforceable in Indian law.
New Delhi: The US based E-commerce giant Amazon took a breath of relief as Supreme Court while pronouncing verdict in the Amazon-Future-Reliance case on Friday morning, ruled in favour of Amazon stating that Singapore's Emergency Arbitrator Award that restrained Future Retail Ltd (FRL) from going ahead with its merger deal with Reliance Retail is enforceable in Indian law.
The two judge bench comprising Justices Rohinton Fali Nariman and BR Gavai in the judgement read that appeal filed by the multi-national is allowed. "We have framed two questions and answered them as Emergency Arbitrator's award holds good and can be enforced under Section 17(2). Appeal is allowed," the top court bench said.
The dispute centers around Future's decision to sell its retail, wholesale, and other businesses to Reliance for Rs 24,713 crore, including debt. In February this year, Billionaire Jeff Bezos-led Amazon had filed a legal case against its partner Future Group for selling Rs 24,713 crore retail assets to Mukesh Ambani-led Reliance Retail in the Supreme Court.
Amazon had challenged the Delhi High Court order which had stayed the implementation of status quo direction passed by a single judge of the High Court to the Future-Reliance deal.
The US e-commerce giant had argued in the Delhi High Court that the decision of the arbitrator who suspended the Future-Reliance Agreement in October was enforceable.
Previously, while a single-judge bench of the Delhi High Court had ruled in favor of Amazon - effectively blocking the deal, that decision was overturned by a two-judge bench later.
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