© Reuters. File Photo: People will leave the Big Bazaar retail store in Mumbai, India on November 25, 2020.Reuters / Niharika Kurkarni / File Photo
New Delhi (Reuters)-Singapore’s Arbitration Commission rejects Future Retail’s petition to close an order to hold a $ 3.4 billion deal with Reliance and hires partner Amazon.com Inc (NASDAQ :) I boosted it. Block the transaction.
Amazon confined the future to blame https://www.reuters.com/technology/singapore-arbitration-panel-says-indias-future-retail-is-party-dispute-with-2021-10-20 Last year, he broke the deal when he sold his retail assets to Indian market leader Reuters. In the future, we will deny cheating.
After a Singaporean arbitrator put the transaction on hold in a tentative decision in October 2020, Future appealed to cancel it. Future said in a statement to the Indian Stock Exchange on Friday that the panel had rejected the application.
“The arbitral tribunal has passed a decision to dismiss the application to invalidate the provisional ruling,” Future’s statement said. “We will determine our future course of action based on legal advice and remedies available by law.”
The dispute caused Future, India’s second-largest retailer with more than 1,700 stores, to reliance retail, wholesale, logistics, and certain other businesses last year after COVID-19 was hit hard. It started after signing a contract to sell.
Amazon aimed to ultimately own some of Future’s retail assets themselves. The 2019 deal with Future Unit claims to include a clause prohibiting Indian groups from selling retail assets to people on the “Restricted Persons” list, including Reliance. increase.
Amazon has filed a proceeding against Future before the Singapore arbitration panel, and the disputes have also been disputed in various Indian legal forums.
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The Arbitration Commission denies Future’s plea for a reliance agreement in dispute with Amazon By Reuters
Source link The Arbitration Commission denies Future’s plea for a reliance agreement in dispute with Amazon By Reuters