INSUBCONTINENT EXCLUSIVE:
the Delhi High Court against the orders passed by the Singapore International Arbitration Centre (SIAC) last week related to its deal with
Reliance.The Singapore tribunal had on December 30, 2021 refused to consider the Future group's request for terminating the arbitration
proceedings before the commencement of the final hearing this week."The company has filed a writ petition before High Court of Delhi under
Article 226 and 227 of Constitution of India..
challenging the impugned order dated December 29, 2021, and December 30, 2021, passed by the arbitral tribunal at the Singapore
International Arbitration Centre," Future Retail said in a regulatory filing.A single-member bench of Justice Amit Bansal of the Delhi High
retail and wholesale business and the logistics and warehousing segment to Reliance Retail Ventures Ltd, a subsidiary of Reliance Industries
Retail.In this deal, the Competition Commission of India (CCI), in an unprecedented move, revisited its over-two-year-old approval granted
to Amazon to acquire a stake in Future Coupons, through which the global e-commerce major is claiming rights over Future Retail.On December
202-crore penalty on the e-commerce major for certain contraventions.In October 2020, an interim award was passed by the EA (emergency
arbitrator) in favour of Amazon that barred FRL from taking any step to dispose of or encumber its assets or issuing any securities to
secure any funding from a restricted party.This was also upheld by SIAC last month and said FRL is a party to the ongoing arbitration
between Amazon and Future group in the dispute over the sale of its assets to Reliance Retail.Currently, the matter is in dispute before the
Supreme Court and the SIAC.Reliance Retail Ventures had for the second time extended the timeline for completing its Rs 24,713-crore deal
with Future group to March 31, 2022, as it still awaits regulatory and judicial clearances.(This story has not been edited by
TheIndianSubcontinent staff and is auto-generated from a syndicated feed.)
