Future Retail moves Delhi HC to seek relief from SIAC order

Future Retail moves Delhi HC to seek relief from SIAC order
Photo Credit: VCCircle
9 Nov, 2020

Future Retail has informed the markets regulator that it has filed a suit in the Delhi High Court, seeking relief against an Singapore International Arbitration Centre (SIAC) injunction order in the proposed $3.38 billion Reliance Retail Ventures deal

The international arbitrator, which passed the order on October 25, had given Amazon a week to submit a proposal on its plan regarding Future Retail if the judgement were to be made in its favour. The order to Future Retail to put the proposed transaction on hold is valid for 90 days.

In a filing with the stock exchange, marking the Singapore Exchange Securities Trading, Future Retail said that it filed the suit on November 7, “seeking necessary reliefs against Amazon.com NV Investment Holdings LLC from interfering with the transaction by misusing an Interim Order dated 25th October, 2020 issued by an Emergency Arbitrator, appointed by the SIAC.”

Future Retail had earlier also filed a caveat petition in the Delhi HC against Amazon to ensure that the court did not pass an order without its knowledge.

In a submission made to the markets regulator SEBI on November 1, Future Retail said that only its promoters, not the company, were made a party to the arbitration proceedings initiated by Amazon. Thus, Future Retail has also made its promoters party to its latest suit.

Amazon has contended that the acquisition of Future Retail by RRVL violates its shareholder agreement with the former. The Seattle headquartered ecommerce major has an indirect stake in Kishore Biyani-led firm through its 2019 investment in Future Coupons