SUMMARY
Future Group has reportedly filed more than 200 petitions to stop Amazon from going to the SIAC
“You cannot keep stultifying the proceeding before the arbitral tribunal,” SC told Future Group
Previously, both Delhi High Court and SIAC have quashed Future Retail’s appeal to terminate the international proceedings
The Supreme Court (SC) has made it clear that it will not allow Future Group from stalling Amazon’s proceeding before the Singapore International Arbitration Centre (SIAC). That is, yet again, the SC has allowed the arbitration proceedings between Amazon and Future Retail Limited before the SIAC to continue.
The SC bench, which comprised CJI DY Chandrachud and Justices Hima Kohli and JB Pardiwala said to Future Group, “You cannot keep stultifying the proceeding before the arbitral tribunal. This is just a ploy by well-heeled parties to delay the arbitration proceeding.”
CJI DY Chandrachud added that the Future Group can challenge SIAC’s final award but the SC will make sure that the arbitral proceedings go on.
The SC was hearing Amazon’s plea that sought a peremptory order for smooth conduct of the adjudication of the dispute. The ecommerce giant’s plea comes shortly after Future Group moved to the Delhi High Court (HC) after the SIAC quashed the latter’s appeal to terminate the proceedings.
According to reports, Future Group has filed more than 200 petitions to stop Amazon from going to the SIAC. “The sanctity of an arbitral tribunal, that too an international tribunal, must be maintained,” the CJI was quoted saying.
Amazon-Future Group Battle Has Turned Uglier
Nearly 30 months later, Amazon and Future Group’s retail arm have not come to a conclusion about their ongoing battle.
The altercations between Amazon and Future started in August 2020. Kishore Biyani-led Future Group announced plans to sell its retail business – Future Retail – to Reliance Retail for INR 24,713 Cr, citing bankruptcy.
But, the move did not sit well with Amazon, who had acquired a 49% stake in Future Coupons, a Future Group subsidiary. Since Future Coupons owns 7.3% shares in Future Retail, Amazon eventually acquired 3.58% of the business.
Since the ecom giant mentioned a list of 30 entities with whom the Future Coupons could not transact (including Reliance Retail), Amazon has opposed the deal fervently, moving to the SIAC.
Since then, multiple petitions have been filed by both Amazon and Future Group to either come to a conclusion, halt trials and even a re-investigation in Amazon’s intention in buying Future Coupons.
CCI even suspended the Amazon-Future Coupons deal. Reliance finally took over Future Group’s Big Bazaar and converted them to Smart Bazaar(s). All three of the businesses have also resorted to name-callings such as monopolistic, malicious and more.
Despite all this, two of the biggest retail businesses – Amazon and Future Group – are yet to come to a conclusion.
