January 6, 2022 1:47:17 am
Future Retail (FRL) got a reprieve from the Delhi High Court’s Division Bench, which on Wednesday stayed the arbitration proceedings initiated by Amazon before a Singapore tribunal.
Staying the arbitration proceedings, which a single-judge bench had refused to stay on Tuesday, the Division Bench stated there is a “prima facie case” in favour of the Future group companies in view of the Competition Commission of India (CCI) suspending its clearance given to Amazon’s 2019 deal with Future Coupons (FCPL). FRL and FCPL had sought a stay on the arbitration proceedings, which were scheduled to be held January 5-8.
Meanwhile, as per a PTI report, Future Retail, in a regulatory filing, said the Singapore International Arbitration Center (SIAC) terminated the arbitration proceedings after the Delhi HC stay order.
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