The Supreme Court on Wednesday closed the dispute case between Amazon and Future Retail while directing the US e-commerce giant and Indian retail company to approach the tribunal led by the Singapore International Arbitration Centre (SIAC) for the resumptions of proceedings in a dispute between the two companies, Moneycontrol reported.
According to the report, the apex court was previously informed that the two parties had agreed to resume the arbitration proceedings in SIAC. After the top court took the stand of both parties into account, a formal order was issued. The apex court has also asked the tribunal to consider an application filed by the Kishore Biyani led Future group seeking the termination of proceedings under the provision of the Arbitration and Conciliation Act.
Another application filed by Amazon seeking interim relief to restrain alienation of Future Retail assets will be put before the Delhi High Court. In February this year, the Delhi High Court had stayed the arbitration proceeding before the SIAC tribunal after the Future group filed a plea.
In December last year, the competition commission of India (CCI), suspended its over-two-year-old approval for Amazon's deal to acquire a 49-per cent stake in FCPL and FRL promoter, and also slapped a penalty of Rs 202 crore on the e-commerce major.
Amazon and Future retail are embroiled in a legal tussle after Amazon alleged that Future Retail violated the terms of the contract between the two companies by offering its assets for sale to Mukesh Ambani-led Reliance Retail for Rs 24,500 crore.