Future-RIL deal: Singapore award valid, Amazon tells SC
New Delhi, July 20
Singapore’s Emergency Arbitrator (EA) award, restraining Future Retail Ltd (FRL) from going ahead with its Rs 24,713-crore merger deal with Reliance Retail, is “valid” and needs to be executed, Amazon on Tuesday told the Supreme Court.
The SC Bench started hearing the arguments from senior advocate Gopal Subramanium, appearing for Amazon, who apprised the apex court of the facts and legal proceedings so far in the case.
Amazon said the award of Singapore International Arbitration Centre was enforceable and the Delhi High Court rightly gave an interim order in its favour granting a stay on the ongoing amalgamation.
Subramanium said a division Bench of the high court erred in entertaining the Future group’s appeal and granting it relief by paving the way for the deal.
Assailing the order, the senior counsel for Amazon said, “The emergency arbitrator (EA) is not a ‘coram non judice’ (not before a judge)” and hence the award of EA is enforceable and the high court under a provision of the Arbitration and Conciliation Act has to act to execute it and not sit in appeal against the interim award. — PTI
