The Supreme Court on Wednesday ordered the resumption of arbitration proceedings on Rs 24,500-crore merger deal of Future Retail (FRL) with Reliance Retail Ltd. A bench of CJI NV Ramana, Justice Krishna Murari and Justice Hima Kohli has asked for the resumption of arbitration proceedings on the merger deal.
The bench said the Singapore International Arbitration Center (SIAC) Tribunal will pass an appropriate order on the plea of FRL filed under the provision of the Arbitration and Conciliation Act. Earlier, the top court had asked Future Group and Amazon to jointly request the Delhi High Court to first hear the petitions of Amazon, which is related to protection of assets of FRL. Amazon had moved the apex court against the January 5 order of the Delhi High Court.
It is noteworthy that there is a complete dispute between Reliance and Future Group (FRL) regarding the deal. On which American giant e-commerce company Amazon is protesting. Amazon has filed a petition in the Supreme Court appealing that Future Retail Ltd should not sell its properties until the dispute is over. The legal dispute between Amazon and Future deepened when Amazon took the matter to SIAC in October 2020.