Future Group vs Amazon: Kishore Biyani-led Future Retail moves Delhi High Court

Kishore Biyani-led Future Retail Ltd (FRL) on November 7 moved the Delhi High Court against Amazon for interfering in its Rs 24,713 crore deal with Reliance Industries by misusing an arbitration order passed by the Singapore International Arbitration Centre (SIAC).

"The Company has filed necessary suit in the Hon’ble Delhi High Court on 7th November, 2020, in relation to seeking necessary reliefs against Amazon.com NV Investment Holdings LLC (“Amazon”) from interfering with the Transaction by misusing an Interim Order dated 25th October, 2020, issued by an Emergency Arbitrator, appointed by the Singapore International Arbitration Centre (SIAC), " the Future Group firm informed the exchanges.

Amazon-Future Retail spar over violation of confidentiality clause.

It said the interim order is passed by the SIAC in an arbitration proceeding initiated by Amazon inter-alia against the company under an agreement, wherein the company is not a party to the agreement.

"The company has inter alia made all entities parties to the suit which were parties to the arbitration proceedings, this includes the promoters of the company. It may be noted that the reliefs sought in the suit are only against Amazon," it said.

The SIAC had passed an interim award in favour of Amazon barring FRL from taking "any step to dispose of or encumber its assets or issuing any securities" to secure any funding from a restricted party.

(With PTI inputs)

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