Amazon wrote to SEBI again, advising the regulator of the formation of the SIAC arbitral tribunal while urging it to suspend consideration of the ₹ 24,713 crore Future-RIL deal.
He also filed an appeal with the Delhi High Court’s division bench against the Dec. 21 order of the single-member bench, sources said. The Delhi HC single-member bench had rejected Future Group’s plea to prevent Amazon from writing to regulators about the Singapore International Arbitration Center (SIAC) arbitration order, but gave regulators the green light to decide on the deal.
Emails sent to Amazon and Future did not elicit a response.
In its letter dated January 5, a copy of which was seen by PTI, Amazon informed SEBI that “the Singapore International Arbitration Center has appointed the arbitral tribunal in the arbitration proceedings initiated by Amazon against, among others, FRL, M. Kishore Biyani and M. Rakesh Biyani. ”
Amazon had dragged Future Group into arbitration after an indebted Kishore Biyani Group company signed a pact to sell retail, wholesale, logistics and warehousing units to Mukesh Ambani’s Reliance last year in the part of a ₹ 24,713 crore deal.
Amazon’s argument is that Future violated the contract by making a deal with rival Reliance.
In 2019, Amazon agreed to buy out 49% of the capital of Future’s unlisted company – Future Coupons Ltd. – with the right to buy back FRL after a period of three to ten years.