Amazon and Future Group on Monday agreed to resume the arbitration case in Singapore International Arbitration Centre (SIAC) regarding the merger deal of Future Retail Limited (FRL) with Reliance Retail.
Amazon and Future Group were asked to file a joint memorandum by a Supreme Court (SC) bench headed by Chief Justice of India N V Ramana.
Counsels of both parties informed the SC that they had agreed to appear before the SIAC. The SC said that it would request SIAC to hasten the proceedings, reported ANI.
Notably, FRL and Amazon.com NV Investment Holdings LLC are involved in a legal battle over FRL’s 24,713 crore merger deal with Reliance Retail with Amazon opposing the decision of Future Group to proceed with the deal.
Amazon got the Emergency Award of the SIAC in its favour which restrained Future Group from going ahead with the deal.
The SC was hearing a plea from Amazon to restrain FRL from giving up its retail assets until the arbitration between the two parties concluded.
Amazon had earlier told the apex court that there were talks for settlement between the two companies but there have been no developments in this regard. Amazon also said that Reliance went ahead and took over FRL stores even with the SC barring it from doing so.