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13th July 2021, Mumbai:
A Singapore arbitration tribunal on Monday began hearing FRL's plea to lift the stay on the deal to sell its retail assets to Reliance Retail and exclude its flagship listed company as a party to the dispute with Amazon India.
The Singapore In ternational Arbit ration Centre (SlAC) in October,2020 had given an emergency award staying the FRL- Reliance transaction until it decided on Amazon's challenge to the sale.
FACTSHEET
Aug 2020: FRL announces sale of assets to Reliance Retail
Oct 2020: Amazon moves SIAC against the deal
Jan 2021: FRL petitions SIAC for vacation of emergency order
July 2021: SIAC begins arbitration proceedings
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Possible Outcome:
Hearing to continue today and likely scenario is over next two days the bench will consider the request to lift the stay.
Effective nothing expected before next month given the complexity of the dispute as arguments & counter-arguments are coming thick & fast.
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