With a partial win from the Singapore tribunal in hand, Amazon.com NV Investment Holdings LLC has approached the Supreme Court for relief in its dispute with the Future Group.
The Singapore International Arbitration Centre on Wednesday concluded that Future Retail Ltd. is a party to the dispute that arose from the agreement between Future Coupons Pvt. and Amazon. Consequently, Future Retail’s argument that it cannot be made party to the dispute stands dismissed.
Within hours of this arbitral award, Amazon filed an interim application in the special leave petition pending before the apex court, according to a stock exchange disclosure by Future Retail.
Amazon has asked the court for the following reliefs:
- Set aside the Sept 28. order of the National Company Law Tribunal that allowed the Future Group to convene a meeting of its shareholders and creditors for consolidation of its entities, the first step in its ultimate sale to Reliance Retail Ventures Ltd.
- Until this interim application is decided, a stay on the operation of NCLT order.
- A stay on Future Retail’s notices to its shareholders, creditors. As per the company’s notice, the meetings are scheduled on Nov. 10-11.
Effectively, Amazon is asking the Supreme Court to halt Future Group’s efforts to convene a meeting of its shareholders and creditors.
The apex court is hearing a petition by Future Retail against a Delhi High Court order to attach the assets of Kishore Biyani and others, and also a show-cause notice for alleged wilful violation of the Singapore emergency arbitrator’s order.
On Sept. 9, the top court passed an interim order asking the NCLT to not pass any final order on the scheme of amalgamation. However, it clarified that procedural steps could continue.
The Mumbai bench of the NCLT then allowed the Future Group to seek shareholder and creditor approval for the scheme of arrangement. BloombergQuint