Amazon Future Group
10/Nov/2020, 12:49 PM, Authored by Mr. Hiroo Advani, Ms. Kanika Arora
Earlier this year in August, Reliance Retail Ventures Limited (“Reliance”) broke the news that it had entered into a deal for the acquisition of assets of Future Retail Limited (“Future”), with the transaction valuing at approximately USD 3.38 billion. However, with regard to this deal, Amazon announced that the said transaction was contrary to a shareholders’ agreement that existed between the promoters of the Future Group and therefore, violated the same. Whilst Amazon proceeded to invoke arbitration proceedings before the Singapore International Arbitration Centre (“SIAC”), in view of this transaction between Reliance and Future, it also sought for interim relief before an emergency arbitrator appointed under the SIAC Rules.