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It remains to be seen whether Indian courts and regulators will side with Amazon or Future Retail
The case deals with Future Retail's suit against Amazon in a matter related to the interim order passed by an Emergency Arbitrator in Singapore.
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The Future group firm has contended that Amazon is "misusing" the interim order passed by an emergency arbitrator of the Singapore International Arbitration Centre (SIAC) on October 25, 2020.
Corporate lawyers say Indian courts usually go along with orders given by foreign arbitration courts as witnessed in several cases before
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Anticipating a move by Amazon, which had got an interim arbitration award in its favour, putting the announced deal on hold, the Future Group firm has moved the Delhi High Court
Statement comes after Amazon wrote to Sebi and stock exchanges last week on Singapore arbitrator's stay order
Last Sunday, the SIAC passing an interim award in favour of Amazon had asked the Future group to put the deal on hold and said that the deal cannot go through until it finally decides the matter.
Amazon said Future's news release and stock exchange disclosures violated Indian regulations, urging the regulator to investigate the matter
According to the sources, Future group has been told not to proceed with its sale of shares to RIL till the outcome of the arbitration process
The sources said that Amazon has shared a copy of the interim judgement with Sebi, BSE and NSE
he dispute centres around FRL's decision in August to sell its retail, wholesale, logistics and some other businesses to Reliance for $3.38 billion, including debt
In a statement to Indian stock exchanges on Monday, Future Retail said it was not party to the agreement under which Amazon had invoked arbitration proceedings
Mukesh Ambani and Jeff Bezos, two of the world's wealthiest men, want the stores and warehouses of Future Retail Ltd.
Reliance Industries, too, dipped 2 per cent on the BSE
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Rajah, former Attorney General of Singapore, is expected to deliver his judgment in the next few days, the sources said