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Amazon terms SIAC’s stay on Future’s sale to Reliance fully enforceable

  

During the Delhi High Court hearing, Amazon argued the temporary injunction awarded by a Singapore based arbitration centre staying the sale of Future Group’s assets to Reliance Retail is fully enforceable in India. In a bid to stop Amazon from approaching Indian regulatory authorities with the interim order by Singapore International Arbitration Centre (SIAC), on the first day of the hearing, lawyers of Future Retail had argued that the SIAC order is not binding and enforceable in India.

The lawyers termed Amazon’s move to write to Competition Commission of India and SEBI as an effort to derail the purchase of the Indian group’s assets by Reliance Retail. Amazon replied by saying that its move to write to the CCI and SEBI was an attempt to bring it to the notice of the regulatory authorities that there is an award in favor of the American retail giant. Amazon lawyers said that they had signed the arbitration clause on adoption of SIAC Rules. They termed the suit as an after-thought and not a genuine reaction.

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