Mumbai, November 10: Amazon and Future Group have appointed their respective arbitrators to form a tribunal that will look into the proceedings at the Singapore International Arbitration Court (SIAC) in the dispute related to Future’s deal with Reliance Retail.
The two arbitrators will jointly nominate a third arbitrator after which an arbitration tribunal will be held by November-end. This was disclosed by Amazon’s lawyers to the Delhi High Court, which is hearing an appeal filed by Future group against Amazon. Senior counsel Gopal Subramanium appearing on behalf of Amazon said that since there was no consensus on the interim order passed in SIAC, an Arbitration Tribunal will be held in Singapore.
While Amazon has nominated Albert van den Berg, Future Coupon Ltd has nominated Jan Paulsson as their respective arbitrator. The third arbitrator is yet to be appointed. SIAC had given an interim stay award to Amazon against Future Retail selling assets to Reliance Retail, The Hindu BusinessLine reported.
On Tuesday, Justice Mukta Gupta heard the lawsuit filed by Future Retail Limited seeking an injunction against Amazon along with a damages claim worth ₹100 crore. The matter was heard via video conferencing for six hours and attended by over 130 people including counsels appearing on behalf of RIL.
This comes even as Amazon has filed a complaint with the statutory bodies including SEBI, CCI, and Exchanges including the Bombay Stock Exchange and National Stock Exchange requesting them to not approve the Rs 24,000 crore deal between Future Retail Limited and Reliance Industries Limited.
While senior counsel Harish Salve, appearing on behalf of FRL informed the judge that this delay in the deal would hamper the financial health of FRL, he also told the court that Amazon’s moves were tarnishing FRL’s public image, and impacting its stock prices.
Justice Gupta has asked Amazon to file its response to FRL’s plea. She has also summoned all the other parties to file their reply. The case will continue to be heard on Wednesday.