In the Future Group versus Amazon tussle -- Future Retail has asked BSE and NSE to process its application for the merger and acquisition of its retail assets by Reliance Industries. The company has said that Amazon's letter to market regulator Securities and Exchange Board of India (SEBI) asking that the deal be stopped due to arbitration proceedings in Singapore is "misconceived".

It also added that a Singapore arbitrator's order in its dispute with Amazon is not enforceable under Indian law and not binding on the company.

HP Ranina, Senior Lawyer, said, “I think Future Group is on strong ground, once they challenge this in the Delhi High Court they should succeed. I don’t think this interim order of the Singapore arbitral authority will have much impact on this deal.”

Ranina added, “How can Future Retail Limited (FRL) be concerned with arbitration proceedings which are lying between Amazon and some other company though it may belong to the Future Group. Every company is a separate entity, legal entity and if there is such agreement between Amazon and some other company in the Future Group then arbitral award will be binding only on that particular company and not on FRL, so certainly FRL has a very strong case and they can’t be bound by that interim order.”

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(Edited by : Bivekananda Biswas)

First Published:Nov 2, 2020 6:43 PM IST