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    Amazon tells Delhi court that Singapore stay on sale of Future Group's assets binding in India


    Future Group’s lawyers said Amazon’s move to write to Competition Commission of India and SEBI were designed to put a spanner and to derail the purchase of the Indian group’s assets by Reliance Retail.

    NEW DELHI: Amazon on Wednesday argued in the Delhi High Court that a temporary injunction awarded by a Singapore-based arbitration centre staying the sale of Future Group's assets to Retail was binding and enforceable in India.

    During a hearing in the high court, the US ecommerce giant also accused a Future Retail promoter entity of breach of a host of shareholder agreements.

    "They have breached a number of their contractual obligations," senior lawyer Gopal Subramanium said, referring to a 2019 shareholder agreement between Amazon and Future Coupons, which is a promoter company of Future Retail.

    On Tuesday, during the first day of the hearing of a case filed by Future Retail in a bid to stop Amazon from approaching Indian regulatory authorities with the interim order of the Singapore International Arbitration Centre (SIAC), lawyers for the Indian retailer argued that the SIAC order was not binding and enforceable in India.

    Future Group's lawyers said the letters that Amazon wrote to the Competition Commission of India and the Securities and Exchange Board of India were designed to put a spanner in and derail the purchase of the Indian group's assets by Reliance Retail.

    Subramanium on Wednesday justified the US company's move to write to the CCI and Sebi, and said his client was only trying to bring to the notice of the regulatory authorities that there was an award in favour of it.

    "I am going to the statutory authorities because there is an award in my favour. And FRL (Future Retail Ltd) is bound by that unless they take steps to get that set aside," he said.

    Arguing that the SIAC rules were applicable in this case, Amazon said "they signed the arbitration clause on adoption of SIAC rules" and that the suit in the high court "is an afterthought and not a genuine reaction".
    ( Originally published on Nov 11, 2020 )
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    8 Comments on this Story

    Sarat Pattanayak112 days ago
    If legal agreements made in foreign countries are not applicable in India, how can foreign countries prosecute crooks like Vijay Mallya and Nirod Modi for breaking Indian laws and duping our banks of thousands of crore? Let us not shelter lawbreakers in the name of jurisdiction. That will boomerang on us.
    Shri 112 days ago
    No foreign laws or judgments in India
    Biswa Mohan112 days ago
    Indian need to ban this dubious foreign arbitration panels judgment on India's domestics commercial matters. If anything, they can approach domestic arbitration panel.
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