Singaporean arbitration panel says Future Retail is party to dispute with Amazon-order

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Photo from The Economic Times

By The Economic Times

The Singapore International Arbitration Centre (SIAC) has ruled that Future Retail Ltd (FRL) is a “proper party” to the ongoing arbitration between Amazon and Future Coupons Pvt Ltd (FCPL) over Future’s plans to sell its assets to Reliance Retail. FRL had asked to be excluded from the arbitration.

FRL had argued that it had not signed any agreement with Amazon and maintained that it was promoter firm FCPL that had concluded a shareholder agreement with the US giant in 2019 when it invested about Rs 1,400 crore in FCPL, which owns 9.8% of FRL.

Three agreements were signed at the time of Amazon’s investment in FCPL. One was between Amazon and FCPL, another between FCPL and BSE-listed FRL and a third between FCPL and Future Group.

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