Future Retail has questioned the jurisdiction of the Singapore International Arbitration Court (SIAC) in the emergency arbitration case filed by Amazon. On Sunday, SIAC passed an interim stay order on the Future Retail-Reliance deal.

 

In a statement, Future Retail said that all relevant agreements are governed by Indian law and the provisions of the Indian Arbitration Act for all intents and purposes, and “this matter raises several fundamental jurisdictional issues which go to the root of the matter. Accordingly, this order will have to be tested under the provisions of the Indian Arbitration Act in an appropriate forum.”

Also read: Reliance Retail to go ahead with Future deal despite stay order

It further explained that while Future Retail is examining the interim order, “FRL is not a party to the agreement under which Amazon has invoked arbitration proceedings.”

BusinessLine had reported that while Amazon had made Future Retail, Future Coupons, and the Reliance group respondents, Future Retail had built its argument on the basis that the latest ₹25,000-crore deal was struck between Future Retail and the Reliance Group. Whereas, the 2019 agreement was between Amazon and Future Coupons.

“It may be noted that FRL is not a party to the agreement under which Amazon has invoked arbitration proceedings,” said a spokesperson at the Kishore Biyani led Future Retail.

“FRL has been legally advised that actions taken by FRL/its board, which are in full compliance of the relevant agreements and eminently in the interest of all stakeholders, cannot be held back in arbitration proceedings initiated under an agreement to which FRL is not a party,” the spokesperson added.

Future Retail has further said that in any enforcement proceedings, FRL will take appropriate steps to ensure that the proposed transaction proceeds unhindered without any delay.

Also read: Arbitrator stays Future-RIL deal on Amazon complaint

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