Amazon and Future Group (FRL) on Monday agreed before the Supreme Court to resume arbitration proceedings at the Singapore International Arbitration Center (SIAC) over FRL’s merger agreement with Reliance Retail. A bench headed by Chief Justice of India NV Ramna asked Amazon and Future Group to file a joint memorandum.
Counsel for both parties informed the court that they had agreed to appear before the SIAC arbitration tribunal. The Supreme Court said it would ask the SIAC to expedite the process.
Amazon and FRL are embroiled in a legal battle over FRL’s Rs 24,713 crore consolidation deal with Reliance Retail.
Amazon is opposed to Future Group’s decision to move forward with FRL’s merger agreement with Reliance Retail.
It received an urgent award from the Singapore International Arbitration Center (SIAC) that prevented Future Group from moving forward with a merger agreement.
The Supreme Court heard Amazon’s plea to restrain Future Retail from divesting its retail assets until the mediation between American company and Kishore Beanie-owned group Future ended.
Earlier, Amazon told the Supreme Court that negotiations for a settlement had been held between Amazon and Future Group, but that no progress had been made in the process of mediating FRL’s assets. It further said that even though the apex court had ordered to keep the hands off, FRL stores have been occupied by Reliance.