Declare arbitration with Amazon illegal, urges Future Retail (FRL)
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03 January 2022, Mumbai:
Future Retail has urged a New Delhi court to declare ongoing arbitration proceedings with Amazon.com as illegal, saying the country's antitrust agency had CCI suspended a 2019 deal that Amazon used to assert its rights over Future.
Future Retail accused Amazon of using the terms of its toehold $200 million investment in a debt-laden company to block its attempt to sell retail assets to a rival, alleging breach of certain contracts.
But the Indian antitrust body, the Competition Commission of India, in December suspended the 2019 deal saying Amazon suppressed information while seeking approvals.
The long-running dispute is being heard by a Singapore arbitration panel but both sides have been fighting parallel cases in Indian courts to enforce or overrule certain decisions taken by the arbitrator.
In the latest Future Retail filing in New Delhi, the company argues that since the 2019 deal no longer has antitrust approval, it has "no legal existence" in India and Amazon can no longer assert any of its rights.
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