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Amazon again approaches SEBI to suspend Future-RIL deal reveal

  

Amazon has yet again written to market regulator SEBI, apprising SEBI of the formation of the arbitration tribunal at SIAC while urging it to suspend review of its Rs 24,713 crore Future-RIL deal. It has also filed an appeal with the division bench of the Delhi High Court against the December 21 order of the single member bench. Although the bench of the Delhi HC had rejected Future Group's plea to restrain Amazon from writing to regulatory authorities about the SIAC (Singapore International Arbitration Centre) arbitral order but gave a go-ahead to the regulators to decide over the deal.

The court had also made several observations indicating that Amazon's attempt to control Future Retail through a conflation of agreements with an unlisted unit of the Indian company will be violation of FEMA FDI rules. In its letter Amazon informed SEBI that the Singapore International Arbitration Centre (SIAC) has constituted the arbitral tribunal in the Arbitration Proceedings initiated by Amazon against inter alia Future Retail (FRL), Kishore Biyani and Rakesh Biyani.

Amazon also requested SEBI to suspend the review of the Impugned Transaction as well as the scheme involving the Impugned Transaction, and not granting any no-objection for the Future-RIL deal. The letter also urged the market regulator to direct the Indian stock exchanges not to issue any no-objection/approval letter to FRL.

Amazon had dragged Future Group to arbitration at SIAC after Kishore Biyani signed a pact to sell retail, wholesale, logistics and warehousing units to Reliance. Amazon's argument is that Future violated the contract by entering into the deal with rival Reliance.

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