Future Retail moves SC against Singapore arbitral court’s order

NEW DELHI:  Future Retail (FRL) on Monday filed a Special Leave Petition (SLP) in the Supreme Court, demanding that the court put on hold Singapore arbitral court’s October 21 order making it a party to the arbitration process. Spokespersons from both Amazon and Future Group have confirmed the development.

This came a day after a scathing letter by one of the independent directors of Future Retail to the chairperson of Competition Commission of India, in which he has requested the commission to revoke the approval given to Amazon and Future Couponss Private Ltd, a future group company.

Future Group had earlier contended before the Singapore International Arbitration Centre (SIAC) that it should be excluded from the arbitration proceedings because it is not a party to the dispute between its promoter Futures Couponss and Amazon. 

However, SIAC had rejected its request, making it a party in the ongoing arbitration, and asking it not to go ahead with the process of seeking shareholders’ approval for the Reliance Retail buyout offer to FRL.FRL had earlier moved Delhi High Court requesting to set aside the SIAC’s 21 October order. However, Delhi High Court had rejected FRL’s request.

Meanwhile, the National Company Law Tribunal (NCLT) on Monday put on hold its earlier approval to FRL for conducting a meeting with shareholders and creditors to seek approval on its deal with Reliance Retail. 

The shareholders’ meeting was supposed to happen on 10th and 11th November. However, Future Retail wanted the meeting to be postponed to 25th and 26th of November as it needed more time for preparations.

During the hearing on Monday, Amazon cited some new court orders, after which the NCLT decided to hear them out and hence put on hold the shareholders meeting for now.

On 7th November, independent director Ravinder Dhariwal wrote to CCI chairman Ashok Kumar Gupta requesting him to revoke the approval the commission had given to Amazon’s acquisition of 49% stake in Futures Coupons Private Ltd, the promoter company of Future Retail. 

Dhariwal alleged that Amazon misrepresented facts while seeking approval for the deal.

FRL defers shareholders’ meet

The National Company Law Tribunal (NCLT) on Monday put on hold its earlier approval to FRL for conducting a meeting with shareholders and creditors to seek approval on its deal with Reliance Retail. The shareholders’ meeting was supposed to happen on 10th and 11th November.