 "Amazon, Future will approach Singapore tribunal to resume arbitration: SC")
The Supreme Court on Wednesday observed that parties will approach the tribunal led by the Singapore International Arbitration Centre (SIAC) to resume arbitration proceedings in connection with the merger deal of FRL with Reliance Retail.
A bench headed by Chief Justice NV Ramana recorded in its order that parties will approach the tribunal to resume arbitral proceedings and the tribunal will consider the termination application by FRL under Section 32(2)(C) and pass orders.
During the hearing, Senior Advocate Ranjit Kumar apprised the Court that the parties could not settle on five words.
Senior Advocate Gopal Subramaniam, appearing for one of the parties, apprised the Court that a Single judge has taken over the enforcement application and thus they don't have to bother the bench. He also apprised the Court that the other side also cooperated with them.
The Court said that the special leave petition was disposed of and remarked that there is no need for the bench to hear this matter.
On Monday, the Court was informed by the counsel that both parties agreed to appear before Singapore International Arbitration Centre (SIAC) arbitral tribunal.
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Amazon.com NV Investment Holdings LLC and FRL are embroiled in a legal fight over FRL's Rs 24,713 crore merger deal with Reliance Retail.
Amazon has been opposing the Future group's decision to go ahead with the merger deal of FRL with Reliance Retail.
It got the Emergency Award of the Singapore International Arbitration Centre (SIAC) in its favour which restrained Future group from going ahead with the merger deal.
The apex court was hearing Amazon's plea to restrain Future Retail from alienating its retail assets until arbitration between the American company and the Kishore Biyani-owned group concluded.
Earlier, Amazon had told the Supreme Court that there were talks for settlement between Amazon and Future Group but there has been no headway in the mediation proceedings on the assets of FRL. It had also said that even as the top court ordered to keep hands off, FRL stores have been taken over by Reliance.