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Amazon Wins Interim Relief Against Future-RIL Deal
By: Tupaki Desk | 26 Oct 2020 6:04 AM GMT
E-commerce giant Amazon got a favourable ruling about the Future-RIL deal. Amazon on Sunday won an interim award against its partner Future Group selling retail business to Reliance Industries Ltd for 24,713 crore. A Singapore-based single-judge arbitration panel put the deal on hold.
The arbitration panel has told Future Group not to proceed with the deal with Reliance Industries Ltd for now.
"We welcome the award of the Emergency Arbitrator. We are grateful for the order which grants all the reliefs that were sought. We remain committed to an expeditious conclusion of the arbitration process," the Amazon spokesperson said.
Amazon believes Future Group broke the contract by entering into the deal with competitive Reliance. Reports said a three-member arbitration panel, with Future and Amazon appointing one representative each and a third member being a neutral umpire, would decide on the dispute in 90 days.
The arbitration panel has told Future Group not to proceed with the deal with Reliance Industries Ltd for now.
"We welcome the award of the Emergency Arbitrator. We are grateful for the order which grants all the reliefs that were sought. We remain committed to an expeditious conclusion of the arbitration process," the Amazon spokesperson said.
Amazon believes Future Group broke the contract by entering into the deal with competitive Reliance. Reports said a three-member arbitration panel, with Future and Amazon appointing one representative each and a third member being a neutral umpire, would decide on the dispute in 90 days.
