Lawstreet Journal

Amazon moves Supreme Court against Delhi HC division bench order staying arbitration with Future Group before Singapore tribunal (SIAC)

Lawstreet Journal 11 Jan 2022 1:01am

Image courtesy: Lawstreet Journal Business Amazon moves Supreme Court against Delhi HC division bench order staying arbitration with Future Group before Singapore tribunal (SIAC)

On 10th January, Amazon has moved the Supreme Court challenging a Delhi High Court ruling that suspended the ongoing arbitration proceeding against Future Group concerning the 2019 contract arrangement between the two companies. According to persons acquainted with the issue, the Special Leave Petition (SLP) was filed on Saturday and is anticipated to be heard this week.

In the recent past, Amazon's acquisition of a 49 percent share in Future Coupons Private Limited (FCPL) has been the subject of several court battles. Amazon's complaint against Future Group concerning the 2019 purchase is now being heard by an arbitration panel in Singapore. The tribunal had issued an interim order halting the sale of Future Retail's assets to Reliance Industries. The CCI had postponed the deal's clearance last month, claiming that Amazon had failed to notify it of some key elements of the transaction, as required by Section 6(2) of the Competition Act, 2002. As a result, Amazon was also hit with a Rs. 202-crore penalty. 

The Future Group petitioned the Delhi High Court for a suspension of the arbitration proceedings before the Singapore tribunal, citing the CCI judgement. The Division Bench delayed the proceedings before the Singapore tribunal, notwithstanding the fact that the pleas were dismissed by a single judge. The Bench had cited the CCI ruling as one of the reasons for doing so, as well as the fact that the Future Group would suffer irreparable harm if the proceedings were not stopped. The Division Bench had also served notice to Amazon… Continue Reading...


Tagged: Amazon   Future Group  
Disclaimer: SoOLEGAL in Media collaboration with Lawstreet Journal. SoOLEGAL take no responsbility for the content provided by Lawstreet Journal. For any discrepancies Contact Lawstreet Journal.
Did you find this write up useful? YES 0 NO 0
×

C2RMTo Know More

Something Awesome Is In The Work

0

DAYS

0

HOURS

0

MINUTES

0

SECONDS

Sign-up and we will notify you of our launch.
We’ll also give some discount for your effort :)

* We won’t use your email for spam, just to notify you of our launch.
×

SAARTHTo Know More

Launching Soon : SAARTH, your complete client, case, practise & document management SAAS application with direct client chat feature.

If you want to know more give us a Call at :+91 98109 29455 or Mail info@soolegal.com