Siac panel set up for verdict in Future Group vs Amazon case

Amazon has also asked Sebi to direct Future Group from merging six Future Group companies, which are a key part of the deal with RIL.
On October 25, SIAC had passed an interim order in favour of Amazon, and restrained Future Group from proceeding with the deal.(REUTERS)
On October 25, SIAC had passed an interim order in favour of Amazon, and restrained Future Group from proceeding with the deal.(REUTERS)
Published on Jan 06, 2021 11:47 PM IST
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Hindustan Times, Mumbai | ByAnirudh Laskar

Amazon.com NV Investment Holdings Llc and Kishore Biyani-led Future Group are gearing up for the last leg of the proceedings at Singapore International Arbitration Centre (SIAC) over Future Group’s sale of its retail assets to Reliance Industries Ltd (RIL) for Rs 25,000 crore. The SIAC formed its panel on Tuesday to pass the final judgment on the case between Amazon and Future.

Two people with direct knowledge of the proceedings at SIAC confirmed the development.

On October 25, SIAC had passed an interim order in favour of Amazon, and restrained Future Group from proceeding with the deal.

Amazon has also asked Sebi to direct Future Group from merging six Future Group companies, which are a key part of the deal with RIL.

The Singapore International Arbitration Centre arbitration panel will pass the final verdict on whether Future Group can go ahead with its 25,000 crore deal or not.

“Veteran barrister Michael Hwang has been appointed as the judge for the tribunal in the Amazon-Future case,” said one of the two people, seeking anonymity. Albert Jan van den Berg, the founding partner of law firm Hanotiau & van den Berg and Jan Paulsson, a Swedish arbitration veteran and founding partner of Three Crowns Llp., are the two members of the SIAC arbitration panel.

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Saturday, May 28, 2022