Supreme Court Orders Arbitration Resumption On Future Retail’s Merger With Reliance Retail

Supreme Court calls for resumption of arbitration in Singapore on Future-Reliance merger

The Supreme Court on Wednesday ordered the resumption of arbitration proceedings on the Rs 24,500-crore merger deal of Future Retail Ltd (FRL) with Reliance Retail Ltd (RIL) before the Singapore International Arbitration Center (SIAC) tribunal.

A bench of Chief Justice NV Ramana and Justices Krishna Murari and Hima Kohli noted the concurrence of US e-commerce major Amazon and Future Group on resuming arbitration proceedings before the SIAC.

The bench said the SIAC tribunal shall pass an appropriate order on the plea of ​​FRL filed under the provision of the Arbitration and Conciliation Act, which provides for passing an order if “the arbitration tribunal finds that the continuance of the proceedings has been made for any other reason”. is unnecessary or impossible”.

Earlier, the top court had asked Future Group and Amazon to jointly request the Delhi High Court to first hear the enforcement petitions of Amazon, which is related to protection of assets of FRL.

Amazon had moved the apex court against the January 5 order of the Delhi High Court, which had stayed proceedings before an arbitral tribunal on Future Retail’s merger deal with Reliance Retail.

Amazon and Future Group are engaged in multi-platform litigation over the issue of FRL’s merger deal with Reliance Retail Ltd, after the US e-commerce giant dragged FRL into arbitration at SIAC in October 2020.

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