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The Supreme Court on Friday, 6 August pronounced its verdict in favour of the e-commerce company, Amazon, and upheld the Singapore’s Emergency Arbitrator (EA) award which restrained the Rs 24,731 crore deal between Reliance Retail and Future Retail Ltd.
The e-commerce giant had submitted a plea disputing the deal between Future Retail and Reliance, saying that the foreign EA was enforceable under Indian law.
A bench Justices R F Nariman and B R Gavai pronounced the verdict. They had reserved the order on 29 July.
With the term Emergency Arbitrator (EA) absent from the Indian Arbitration and Conciliation Act, the verdict was set to deliberate over the legality and enforceability of an EA award.
Future and Amazon have been locked in a legal tussle over the Future Group’s Rs 24,713 crore agreement with Reliance Industries, alleging that the deal breached some of Amazon’s pre-existing contracts with Future Group.
In August 2020, Future Group had entered into an agreement with Reliance Retail to sell its retail, wholesale, logistics and warehouse businesses to Reliance Retail Ventures.
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