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Amazon-Future dispute: Singapore tribunal to start hearing from July 2

As per a regulatory filing by Future Consumer Ltd (FCL) on Saturday, a tribunal was constituted by SIAC for arbitration proceedings related to the Future-RIL deal on January 5, 2021.

June 26, 2021 / 09:47 PM IST
Representative Image

Representative Image

The Singapore International Arbitration Centre (SIAC) will start its final hearing over a plea filed by e-commerce major Amazon against the Rs 24,713 crore deal between Future Group and Reliance Industries from July 2, according to a regulatory filing. As per a regulatory filing by Future Consumer Ltd (FCL) on Saturday, a tribunal was constituted by SIAC for arbitration proceedings related to the Future-RIL deal on January 5, 2021.

The filing noted that Future Retail Ltd(FRL) has filed two applications before the Tribunal, first being an application challenging the jurisdiction of the Tribunal; and second being an Application for vacation of the EA (Emergency Arbitrator) Order. As per the schedule finalised by the Tribunal, hearing for both the applications would commence on July 12, 2021, the March quarter 2021 earnings filing by FCL said.

Future deal approval | NCLT to continue hearing Reliance Retail’s plea to hold shareholder meet on June 22

In August last year, Reliance Retail Ventures Ltd had said it will acquire the retail and wholesale business, and the logistics and warehousing business of Future Group for Rs 24,713 crore. The scheme of arrangement entails the consolidation of Future Group's retail and wholesale assets into one entity Future Enterprises Ltd and then transferring it to Reliance Retail. The deal has been contested by Amazon, an investor in Future Coupons that in turn, is a shareholder in FRL.