NEW DELHI (Reuters) – A Singapore arbitration panel on Wednesday declined Future Retail’s bid to exclude itself from an ongoing industrial dispute with Amazon.com Inc, in line with an order seen by Reuters, the most recent enhance to the U.S. large’s bid to stall the Indian retailer’s asset sale.
Amazon has for months been locked in a dispute with Future, and accuses the Indian agency of violating contracts when it offered its retail property to market chief Reliance Industries in a $3.4 billion deal final yr. Future denies any wrongdoing.
After the Singapore arbitrator put the deal on maintain final yr whereas it heard the matter at size, Future Retail had argued it must be excluded from the proceedings as Amazon had initiated the case below a contract it signed with one other Future group firm.
The panel in an order on Wednesday, which isn’t public, disagreed with Future Group. It mentioned three agreements on the coronary heart of the Future Group-Amazon dispute should be learn collectively, and never individually, as Future had argued.
The tribunal “has jurisdiction over FRL on this Arbitration,” mentioned the 69-page order.
(Reporting by Aditya Kalra in New Delhi; Modifying by Sanjeev Miglani)
