Delhi HC stays arbitration proceedings between Amazon and Future – World Affairs SRS

Delhi HC stays arbitration proceedings between Amazon and Future

– World Affairs SRS

The Delhi High Court on Wednesday stayed Future Group’s ongoing arbitration with separate partner Inc in light of the Indian antitrust agency’s suspension of the 2019 deal between the two parties.

The US company successfully used the terms of its 2019 investment in the Future unit to block an attempt to sell retail assets to Indian retailer rival Reliance Industries, alleging breach of certain contracts.

But when the antitrust agency last month suspended the 2019 deal, citing suppression of information by Amazon when seeking approval, Future argued there was no legal basis for the two parties to continue arbitration.

A two-judge bench of the Delhi High Court on Wednesday agreed with Future’s arguments and stayed the arbitration proceedings.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is generated automatically from a syndicated feed.)

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