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Amazon-Future Tussle: Delhi HC Allows Arbitration Before SIAC

The SIAC proceedings against the Rs 24,713 crore deal between FRL and Reliance Retail will begin on November 28

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The Delhi High Court on Tuesday rejected Future Retail Ltd’s (FRL) plea seeking termination of the arbitration proceedings initiated by US major Amazon before the Singapore International Arbitration Centre (SIAC). 

Justice C Hari Shankar ruled that the arbitration before the SIAC will continue uninfluenced by any of the findings or contentions raised by FRL and others.  

Amazon initiated the SIAC proceedings against the Rs 24,713 crore deal between FRL and Reliance Retail, which is set to start on November 28.

Amazon said it had invested Rs 1,400 crore in Future Coupons, one of the sister concerns and promoters of FRL, which prevents FRL from selling its retail assets. 

 Amazon even moved the Supreme Court asking for permission to get the arbitration proceedings restarted before the tribunal. Amazon had said FRL had filed over 200 petitions to stop it from going to the SIAC.  

On November 17, the Supreme Court stated that it would not allow stalling of arbitrary proceedings before the SIAC.

These are all ploys by well-heeled parties to delay the arbitration proceeding, a bench comprising Chief Justice of India DY Chandrachud and Justices Hima Kohli and JB Pardiwala had ruled.