Amazon has moved the Supreme Court for allowing arbitration proceedings with the Future Group to continue before the Singapore International Arbitration Centre (SIAC).
Gopal Subramanium, representing Amazon, informed the top court that Future Group had expressed unhappiness at the fact that the tribunal has been counting with arbitration proceedings, MInt reported on Thursday.
Chief Justice of India DY Chandrachud told the Future Group’s counsel that he “cannot keep stultifying the proceedings before the arbitral tribunal and this is just a ploy to delay the proceedings.” He also called out the Indian retailer for filing over 200 petitions to stall arbitration proceedings.
The matter will be next heard on November 25, 2022. The chief justice has directed the parties to be present before the SIAC on November 28, 2022.
In June, the SIAC had rejected a Future Group plea seeking termination of arbitration proceedings over Amazon’'s investment in Future Coupons. Future Group moved the Delhi High Court last monht against the SIAC ruling.
Future Group and Amazon have been locked in a battle after the former decided to sell its Big Bazaar business to Reliance Retail, a subsidiary of Reliance Industries.
The deal was opposed by Amazon.com NV Investment Holdings LLC on grounds that its investment of Rs 1,400 crore in Future Coupons, which is one of promoters of Future Retail, does not allow Future to sell retail assets to certain companies, including Reliance.
The US e-commerce giant wants monetary compensation pertaining to its Rs 1,400 crore investment in Future Coupons.
