Future: Future asks Delhi court to quash Singapore panel’s block on property sale – Times of India

New Delhi: Future Retail has asked a Delhi court to set aside the decision of a Singapore arbitration panel that put the $3.4 billion sale of Future’s retail assets in limbo while the panel hears objections. heroine.com Inc.
Amazon faces legal challenges against Future’s planned asset sale to market leader Reliance Industries Since last year, the company has been accused of breaching certain contracts by doing so. Future denies any wrongdoing.
Last year a Singapore arbitrator put future-reliance The deal is on hold, and the panel last week denied Future’s request to set aside that decision.
On Wednesday, Future asked the Delhi High Court to intervene and set aside the arbitrator’s decision in accordance with Indian law, its legal filing seen by Reuters shows.
“NS arbitral tribunal FRL (Future Retail) wrongly rejected the argument,” its filing said. “FRL submits that the standards applied by the Arbitral Tribunal … are incorrect.”
Amazon did not immediately respond to a request for comment.
Future is India’s second-largest retailer, with over 1,700 stores and has warned that its failure to strike a deal with Reliance could push it into liquidation.
The controversy began when Future, financially hit by the Covid-19 pandemic, struck a deal last year to sell its retail, wholesale, logistics and some other businesses to Reliance.
Amazon eventually had its sights set on owning some of Future’s retail properties. It has argued that the 2019 deal with Future Unit contained clauses barring the Indian conglomerate from selling its retail assets to anyone on the “restricted persons” list, including Reliance.
The outcome of the feud involving two of the world’s richest men, Amazon’s Jeff Bezos and Reliance’s Mukesh Ambani, is seen as a way to reshape the pandemic-hit shopping sector and decide whether Amazon will be the country’s nearly trillion- That could blunt Reliance’s dominance in the dollar retail market.