You are here: Home » Companies » News
Business Standard

Future Retail moves HC seeking relief against SIAC stay order on RIL deal

The Future group firm has contended that Amazon is "misusing" the interim order passed by an emergency arbitrator of the Singapore International Arbitration Centre (SIAC) on October 25, 2020.

Topics
Future Retail | Kishore Biyani | Reliance Industries

Press Trust of India  |  New Delhi 

Kishore Biyani
Kishore Biyani

led-Ltd (FRL) on Saturday said it has approached the seeking relief against an order passed by the Singapore International Centre (SIAC) with regard to Rs 24,713-crore deal with

The Future group firm has contended that Amazon is "misusing" the interim order passed by an emergency arbitrator of the Singapore International Centre (SIAC) on October 25, 2020.

The SIAC had passed an interim award in favour of Amazon barring FRL from taking "any step to dispose of or encumber its assets or issuing any securities" to secure any funding from a restricted party.

"The company has filed necessary suit in the on November 7, 2020 in relation to seeking necessary reliefs against Amazon.com NV Investment Holdings LLC (Amazon) from interfering with the transaction by misusing an interim order dated October 25, 2020 issued by an emergency arbitrator, appointed by the SIAC," the company said.

According to the Future Group firm, the interim order is passed by the SIAC in an arbitration proceeding initiated by Amazon inter-alia against the company under an agreement, wherein the "company is not a party to the agreement".

"The company has inter alia made all entities parties to the suit which were parties to the arbitration proceedings, this includes the promoters of the company. It may be noted that the reliefs sought in the suit are only against Amazon," it said.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Sat, November 07 2020. 19:57 IST
RECOMMENDED FOR YOU
.