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Future Retail moves Delhi HC for relief against stay on RIL deal

Future Retail moves Delhi HC for relief against stay on RIL deal

Both Future Retail and Amazon had filed caveats in the backdrop of the interim arbitration order by Singapore International Arbitration Centre (SIAC) in latter's favour

Kishore Biyani-led Future Retail has approached the Delhi High Court seeking relief against an arbitration order that has stayed its Rs 24,713 crore deal with Reliance Industries. The company said that it has made all parties involved in the arbitration proceedings party to its suit before the high court, but the relief sought in the suit are only against Amazon.

The plea comes close on the heels of caveats filed by Future Retail and Amazon before Delhi High Court. Both companies had approached the court pre-empting action by the other in the backdrop of the interim arbitration order by Singapore International Arbitration Centre (SIAC) in favour of Amazon.

ALSO READ: Future-Reliance deal: Amazon files caveat against Biyani's firm in Delhi HC

"The company has filed necessary suit in the Hon'ble Delhi High Court on November 7, 2020 in relation to seeking necessary reliefs against Amazon.com NV Investment Holdings LLC ("Amazon") from interfering with the Transaction by misusing an Interim Order dated 25th October, 2020 issued by an Emergency Arbitrator, appointed by the Singapore International Arbitration Centre (SIAC). The interim Order dated October 25, 2020 is passed in an arbitration proceeding initiated by Amazon inter-alia against the Company under an Agreement, wherein the Company is not a party to the Agreement," Future Retail said in a filing to the stock exchanges.

"The Company has inter-alia made all entities parties to the suit which were parties to the arbitration proceedings, this includes the promoters of the Company. It may be noted that the reliefs sought in the suit are only against Amazon," it further added.

ALSO READ: Future Retail moves Delhi HC to check any Amazon plea over RIL deal

Earlier this week on Tuesday, Future Retail had filed an urgent caveat petition before the Delhi High Court in anticipation of legal action by Amazon against its deal with Reliance Industries. In its plea, the Kishore Biyani-led company has requested to be heard before any order is passed regarding its deal with the retail arm of the Mukesh Ambani-led conglomerate.

A day later, Amazon had also filed a caveat in the Delhi High Court preempting Future Retail's move to challenge the Singapore arbitration panel ruling that granted an interim stay on the Reliance-Future deal. The US retail giant filed the caveat to ensure that Future does not get an interim ruling from the high court in their favour with regards to the emergency international arbitration award.

A caveat petition is filed before High Courts or the Supreme Court to ensure that no adverse order is passed against the litigant without it being heard.

ALSO READ: Arbitration order staying Rs 24,000 crore RIL deal not 'enforceable, binding': Future Retail