Future Group Defiant, Says Singapore Arbitrator’s Order Not Binding
A week after the Singapore International Arbitration Centre (SIAC) order to put the INR 24,713 Cr deal between Kishore Biyani’s Future Group and Mukesh Ambani’s Reliance Retail Ltd. on hold, the Future Group said that the emergency arbitrator’s order is not enforceable under Indian law and is not binding on the company.
“Future Retail is advised that an emergency arbitrator (EA) has no legal status under Part I of the Indian Arbitration and Conciliation Act 1996 and, therefore, the proceedings before an “Emergency Arbitrator” are void and coram non judice,” Future Retail wrote to the stock exchanges, adding that any attempt on the part of Amazon to enforce the order will be resisted.
Future Retail said that it is in the process of taking appropriate legal action to protect its rights, requesting the exchanges not to take cognizance of Amazon’s letter or the emergency arbitrator’s order.
The deal is yet to get approvals from various authorities, including the capital market regulator.