A three-person panel of judges, led by CJI NV Ramana, asked the companies to submit the joint memo by April 5
A three-person panel of judges, led by CJI NV Ramana, asked the companies to submit the joint memo by April 5
The Supreme Court ordered Amazon and Future group to file a joint memo of consent terms after both companies agreed on Monday to hear proceedings before the Singapore International Arbitration Center (SIAC) in a dispute over Future’s proposed $24,500 million -Resume pound deal with Reliance.
A three-person jury headed by Chief Justice of India NV Ramana asked the companies to submit the joint memo by April 5.
“It is stated and agreed by both parties that they wish to appear before the Singapore International Arbitration Center and request that the proceedings, pending a decision before it, be expedited on the matters agreed between them,” the Supreme Court noted in its order .
The court listed the case as next for April 6.
The Bench refused to intervene in Amazon’s request to halt its acquisition of Future’s retail stores. The court orally remarked that Amazon could very well turn to the High Court in Delhi for a remedy.
Senior Advocate Gopal Subramanium, for Amazon, ordered the court to resume arbitration and also to protect Future Retail Ltd’s assets. meanwhile pushed. Mr Subramanium had alleged that attempts were made to “knock over the apple cart” and “things were done”.
“Things will be done … If I lost without a doubt, the scheme (the deal) will go through and the assets will go through the scheme to Reliance. I have no problem at all. But if I succeed, the fortune should be there. I just want a personal property protection order,” Mr Subramanium pleaded at the previous hearing.
However, Future, represented by senior attorney Harish Salve, had argued that Amazon was trying to “destroy” the company by not going ahead with the proposed deal with Reliance, while at the same time relentlessly filing litigation on various forums.
Mr Salve had said that Reliance had taken over most of Future’s retail stores over ₹4,800 crore of unpaid rent.
“We are hanging by a thread. Nobody wants to do business with us,” he said.
Earlier, in March, both companies had informed the supreme court that talks between them about an amicable settlement had failed.
