Delhi HC stays SIAC arbitration proceedings in Amazon-Future case – World Affairs SRS

Delhi HC stays SIAC arbitration proceedings in Amazon-Future case

– World Affairs SRS

The Delhi High Court (HC) on Wednesday stayed the arbitration proceedings of the Singapore International Arbitration Center (SIAC) in the Amazon-Futures case and also stayed the single judge order, which dismissed the Futures Group’s plea, In which it was sought to direct the Arbitration Tribunal to decide on his application. To conclude the arbitration proceedings before proceeding further. Amazon-Future Group’s arbitration is underway between a three-member arbitration tribunal over a Rs 24,500-crore deal with Kishor Biyani-led Reliance Retail (RRL).

Future Group filed an appeal before the Division Bench of the Delhi HC challenging the Tuesday’s order by the Single Bench of the Delhi HC. On Tuesday, the HC dismissed the petitions of Future Group, seeking a direction to the SIAC to decide on its application to quash the arbitration proceedings. A bench of Chief Justice DN Patel and Justice Jyoti Singh observed that prima facie the case is in favor of the appellants Future Retail (FRL) and Future Coupons (FCPL) and if stay is not granted, it will cause irreparable loss to them.


Listing the matter for further hearing on February 1, the bench said, “We stay the further proceedings of the arbitral tribunal till the next date of hearing, and we also keep the January 4 order of the single judge as the next date of hearing.” until it stops.”

The HC also issued a notice to Amazon.com NV Investment Holdings LLC on appeals filed by FRL and FCPL challenging the single judge’s order.

In December 2021, the Competition Commission of India (CCI) suspended Amazon’s 2019 deal with FCPL for an alleged deliberate design to suppress information about the scope and purpose of the deal. The competition watchdog also said in its order that Amazon made false and incorrect statements while seeking approval. In its order, the CCI said that it is considered necessary to examine the combination afresh, given that both the players were known to be in the online marketplace and offline retailing and had considered the strategic alignment between their businesses. The antitrust regulator also imposed a fine of Rs 200 crore on Amazon within 60 days of receiving the order. Following Future Group’s deal with RRL, Amazon approached SIAC in October 2020 as it cited a non-compete agreement with the Kishor Biyani-led company. The deal specifies that any dispute shall be arbitrated under SIAC rules. That same month, Amazon received a favorable verdict for its petition at SIAC against the deal.

In November 2020, Future Group went to the Delhi High Court alleging interference in the deal against Amazon. Since then, the Jeff Bezos-led e-commerce giant has been fighting a legal battle with FRL to block Future Group’s deal with Reliance.

In August 2021, the Supreme Court (SC) had ruled in favor of Amazon, upholding Singapore’s emergency arbitral award against the enforceable Future-Reliance deal in India. But in a major relief to Future Group, the SC stayed the proceedings before the Delhi HC in September, ordering no coercive action. The court also directed the National Company Law Tribunal, CCI and Securities and Exchange Board of India not to pass any final order regarding the dispute for four weeks.

With inputs from PTI

                                                    </div><div style="background: #fee8dd; padding: 12px; border: dashed 1px black; margin-bottom: 20px;">

mail Dear reader,

Business Standard has always worked hard to provide updated information and commentary on events that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering has only reinforced our resolve and commitment to these ideals. Even during these difficult times arising out of COVID-19, we are committed to keeping you informed and updated with relevant news, authoritative views and sharp comments on relevant relevant issues.
However, we have a request.

As we grapple with the economic impact of the pandemic, we need your support even more so that we can continue to provide you with more quality content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. Subscribing to more of our online content can only help us achieve our goals of providing you with better and more relevant content. We believe in independent, unbiased and credible journalism. Your support through more subscriptions can help us practice the journalism we’re committed to.

support quality journalism and Subscribe to Business Standard,

digital editor

,

—-*Disclaimer*—–

this is an unedited and auto-generated supporting article of the syndicated news feed are actualy credit for owners of origin centers. intended only to inform and update you about Sakari naukri , result , UPSC , Exam Jobs etc. for Provides real or authentic news. also Original content may not have been modified or edited by Rojgar samachar team members.

Leave a Reply