Amazon, Future Agree To Arbitration At Singapore Tribunal In Bitter Feud: 10 Points

NDTV Profit Desk

04 Apr 2022, 04:05 PM IST

Supreme Court on Monday refused to pass interim orders against takeover of Future Retail's stores

The Chief Justice directed the companies to file a joint memo in the Supreme Court on Tuesday, April 5, for appearing before the Singapore Arbitration Tribunal.
"Now, you both want to appear before the arbitration proceeding and wrap this up in a time-bound manner. We request the tribunal to expedite the proceeding," said the Chief Justice.
The Supreme Court asked Amazon and Future to inform in the next hearing on Wednesday, April 6, about the developments in the Delhi High Court, which is hearing the pleas filed by Amazon and Future over Singapore Arbitral tribunal proceedings.
The Chief Justice objected to both companies filing lengthy documents repeatedly.
"You are dumping papers after papers. Please do not burden us by thrusting heaps of papers," said the Chief Justice.
On Monday, the Supreme Court refused Amazon's request to pass orders against the takeover of the Future's stores. Still, it allowed Amazon to move the Delhi High Court to seek relief against Future Retail's stores' takeover.
Amazon had said on Thursday that Future's claims of being short of money and it not being able to pay lease rental is a strategy and a sham and submitted that the Supreme Court must restrain any alienation of Future assets until the Arbitral Tribunal decides the case.
Future had submitted that the asset takeover was happening due to non-payment of the lease. It claimed Future Retail had no role to play.
Have lost control of over 835 stores, running the remaining 374 stores "on a wing and a prayer," Future Retail had said.
On Thursday, Future Retail told the Supreme Court that "for ₹ 1,400 crores (worth of the Amazon-Future disputed deal), Amazon has destroyed a ₹ 26,000 crores company. Amazon has been successful in what it wanted to do."