What happens to the Future / Amazon case, now that Future group is approaching the Supreme Court?
Answer
Answer
Future group promoters have approached the Supreme Court against the Delhi High Court order directing to enforce SIAC ruling. The Singapore International Arbitration Centre or SIAC had last year restrained Future group from proceeding with its Rs.24,731 crore deal with Reliance Industries. The deal pertained to the plan of Future group to sell its retail and wholesale business as well as logistics and warehousing business to Reliance Retail.
The deal had been vigorously contested by Amazon, in its capacity as an investor in Future Coupons, which in turn is a shareholder in Future Retail Ltd. The apex court had ruled in favour of Amazon saying that that an award of an arbitrator of a foreign country, like the SIAC, Singapore, is enforceable under the Indian Arbitration and Conciliation Act. The final ruling from the SIAC is still pending.