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MUMBAI : The Delhi High Court division bench is set to hear Future Group’s plea later this afternoon against the court’s latest order in the Amazon case. In its plea, the Future group has challenged the court’s January 4 order that dismissed its petition seeking quashing of arbitration proceedings that were initiated by Amazon in the Singapore International Arbitration Centre.
Future Group said that it was seeking an urgent hearing before the Delhi High Court since the international tribunal will commence its hearing today.
Till 7 January, the tribunal will hear expert witnesses on Amazon’s arbitration plea, which seeks to block the sale of Future Group’s assets to a unit of billionaire Mukesh Ambani’s Reliance Industries Ltd. Amazon contends that its 2019 investment agreement with Future Coupons bars Future Group from entering into a transaction with specified entities, including Reliance Industries.
On 8 January, SIAC will hear Future Group’s pleadings. The Kishore Biyani-led company wants to terminate the arbitration proceedings as the Competition Commission of India (CCI) has revoked its approval of the 2019 deal between Amazon and Future Coupons.
The high court’s latest order follows a termination application filed by Future Group before the court seeking that the arbitration proceedings initiated by Amazon in SIAC should be set aside. In the plea, Future Group stated that SIAC should have first heard the group’s arguments on quashing the proceedings instead of hearing expert witnesses.
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