The Singapore-based arbitrator, SIAC, has rejected Future Retail’s plea to lift the interim stay on its ₹24,713-crore deal with Reliance Retail, giving a major relief to Amazon that is contesting the transaction.
The development comes a day after the Singapore International Arbitration Centre (SIAC) held that Future Retail Ltd. (FRL) is a party to the ongoing arbitration between Amazon and Future group in the dispute over the sale of its assets to Reliance Retail.
FRL said in a filing it would decide its future action based on legal advice.