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Relief to Future from double bench of HC, hearing of Singapore Tribunal dismissed, now deal with Reliance can be done

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Relief to Future from double bench of HC, hearing of Singapore Tribunal dismissed, now deal with Reliance can be done

A bench of High Court Chief Justice DN Patel and Justice Jyoti Singh said that prima facie the matter appears in favor of Future Retail Limited (FRA) and Future Coupons Private Limited (FCPL) and if STAY is not given, they will suffer.

The Delhi High Court on Wednesday stayed the ongoing hearing in the Singapore Tribunal on the Amazon-Future dispute. The arbitration hearing was going on over Amazon’s objection to Future Group’s Rs 24,500 crore deal with Reliance. The Double Bench of the High Court also stayed the order of the Single Bench dismissing the petitions of Future Group seeking to quash this arbitration hearing. Against this order, Future Group filed an appeal before the larger Bench.

A bench of Chief Justice DN Patel and Justice Jyoti Singh of the High Court said – The matter appears in favor of Future Retail Limited (FRA) and Future Coupons Private Limited (FCPL). If STAY is not given then they will suffer. The bench also stayed the January 4 order of the single bench by adjourning the proceedings in the Singapore Tribunal till further hearing. Its next hearing will be on February 1.

The double bench also issued notice to Amazon on appeals filed by Future Group companies. Amazon has raised its objections to the Future-Reliance deal with the International Arbitration Center in Singapore. The demand for quashing of this hearing was sought by the Future Group. Amazon brought the matter to the Singapore Tribunal in October 2020.

Amjon says that FRL has violated the investment agreement signed with Reliance Retail in 2019 by entering into a sale deal worth Rs 24,500 crore with Reliance Retail. However, during yesterday’s hearing, his lawyers on behalf of Future Group argued fiercely that the Singapore Tribunal’s decision should be set aside. But the Single Bench did not look into them and dismissed Future’s petition.

Now Reliance is also relieved by this order. Because Kishore Biyani of Future broke Jeff Bezos’s deal with Amazon and joined Mukesh Ambani. Reliance wants to take over Biyani’s retail store. For this, he has also paid a huge amount to Biyani.


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