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India’s Future Retail Ltd insists that a Singapore arbitrator’s order in its dispute with Amazon.com Inc is void under Indian law and not binding on the company.
A Singapore arbitrator ruled that FRL’s deal to sell its retail assets to Reliance Industries for $3.4 billion violated pre-existing agreements it had with Amazon.
FRL, who wanted to press on with its deal with Reliance without delays, said that it is in the process of taking legal action to protect its rights.
Amazon had complained to India’s market regulator Securities and Exchange Board of India (SEBI), alleging FRL misled shareholders by claiming that it was complying with its contractual obligations.
FRL is urging the market regulator and the Indian stock exchanges to continue to review its deal with Reliance for approval.
According to Amazon, a 2019 deal it had with a Future unit specified that the Indian group couldn’t sell its retail assets to those on a “restricted persons” list that includes Reliance chief Mukesh Ambani’s group.
The deal also specified that the Singapore International Arbitration Centre would be the proper forum for any disputes.
