SIAC completed the final hearing on a petition filed by e-commerce company Amazon against the Rs 24,713 crore deal between Future Group and Reliance Industries.
The Singapore International Arbitration Center (SIAC) completed the final hearing on a petition filed by e-commerce company Amazon against the Rs 24,713 crore deal between Future Group and Reliance Industries. Sources gave this information. The SIAC had started its final hearing in the matter on July 12. According to sources related to this matter, the tribunal constituted in SIAC has concluded its last five-day hearing in this matter.
Kishore Biyani-led Future Group was represented by senior advocate Harish Salve. Senior advocate Gopal Subramaniam, appearing for Amazon, represented the company. Sources said that the verdict can be pronounced in this matter after a month.
The agreement was done for 24 thousand crores
Earlier this year, the SIAC had constituted a three-member arbitration forum in which Singapore barristers Michael Hwang, Albert von den Berg and John Poulson have been named for the final hearing on the matter. The controversy began in August 2020 with the Future Group announcing an agreement to sell its retail, warehousing and logistics business to Reliance Industries for around Rs 24,000 crore.
Amazon, an e-commerce company that has invested in Future Coupons Limited, a part of the Future Group, said that it is also a stakeholder of Future Retail as a part of this stake. Future Coupons holds a 7.3 percent stake in Future Retail. Amazon challenged this deal at SIAC in October. On his application, the arbitration court granted an interim stay on the Reliance-Future deal.
Future Group had challenged the interim decision of the Forum of SIAC on the jurisdiction of the Arbitral Tribunal in the Delhi High Court and on certain other grounds. From there the matter went to the Supreme Court. A three-member bench hearing the matter in the Supreme Court has fixed July 20 as the next date of hearing. Reliance Industries (RIL) has extended the long waiting period to complete this agreement till 30 September 2021.
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