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HomeBusinessBig update in RIL-Future deal, Future Retail's troubles in dispute with Amazon

Big update in RIL-Future deal, Future Retail’s troubles in dispute with Amazon

Reliance Retail’s lenders got approval for the meeting

The Arbitration Tribunal of Singapore has held that Future Retail is a party to the ongoing arbitration between Amazon and Future Group in a dispute relating to the sale of assets of Future Group by Reliance Retail. Is. Amazon, which is trying to block the sale of its retail, wholesale, logistics and warehousing assets worth Rs 24,713 crore by Future to the retail arm of Reliance Industries, has alleged that Reliance Retail Ventures Limited (RRVL) and This deal between Future violates its own deal with the Kishore Biyani-led company in 2019.

Future Retail Limited (FRL) said in a regulatory notice late Wednesday that it has received a partial decision from the Singapore International Tribunal Center (SIC) on October 20, 2021, rejecting the jurisdictional objection application filed by the company .

Future gave this argument

Future had argued before SIAC that it should be excluded from the arbitration proceedings as it was not a party to the dispute between its promoter Future Coupons Pvt Ltd (FCPL) and Amazon. The SIAC stated that ‘all parties are bound by the FCPL SHA (Shareholding Agreement) arbitration agreement, which includes the FRL irrespective of its non-signatory status’. Further, the dispute under FRL Shareholding Agreement and Share Membership Agreement (SSA) is covered under the purview of the FCPL SHA Arbitration Agreement.

The FRL said that the tribunal has not drawn any final and binding conclusion on the effectiveness of the substantive provisions contained in the three agreements. It said that the company will decide the future course of action based on legal advice and remedies available in law.

Reliance Retail’s lenders got approval for the meeting

Earlier, the National Company Law Tribunal (NCLT) allowed a meeting of the lenders and shareholders of Reliance Retail Ventures to seek approval for the company’s proposed Rs 24,700 crore deal with Future Group. The Mumbai bench of the NCLT headed by Suchitra Kanuparthi, while hearing the applications of lenders and shareholders of Reliance Retail, allowed the meeting to be convened to seek approval for the deal.

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Shehnaz Ali
Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.
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