The matter is pending before the International Arbitration.
After making a deal of 24 thousand crores with Reliance, Future Group has been fighting a legal battle with Amazon for the last one year. According to the Economic Times report, Future Group and Amazon are considering the option of out-of-court settlement. Amazon had filed a lawsuit objecting to the Reliance-Future Group deal. Apart from the court of India, this matter is also pending before the Singapore Stable International Arbitration.
The Singapore International Arbitration Center (SIAC) is yet to decide whether BSE Listed Future Retail Limited (FRL) should be made a party in this matter or not. Future Group has asked Ciak to consider its earlier decision of October 2020. In October 2020, Singapore Arbitration had issued a stay order with immediate effect on Future Group’s deal of about 24 thousand crores with Reliance Retail. This order was issued in response to a petition filed by Amazon.
Relief will be easy with the decision of International Arbitration
People associated with this matter believe that on the basis of which direction the decision of International Arbitration takes, both the companies can move forward in the direction of resolving this matter. It is also believed that Future Group may also consider doing financial compensation to Amazon to complete this deal. This deal is very important for Future Group.
Amazon in favor of finding a solution through talks from the beginning
It is believed that with early indications from International Arbitration, both the companies may proceed with the settlement out of court instead of dragging the matter longer. Regarding out-of-court settlement, an Amazon spokesperson said that Amazon has always kept open the way for talks with Future Group. Even when the matter was pending before the Delhi High Court, the company had offered to negotiate.
Thoughts on finding a solution through talks
If the agreement between the two companies is not reached through negotiation, then the end of 2022 will come by the time the decision of International Arbitration comes. It is believed that SIAC will hear the matter from December this year. In such a situation, the decision of this case may pass by 2022. Future Group is currently under heavy debt burden. The group is in dire need of cash. In such a situation, there is every possibility that both the groups will hide the matter outside the court.
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