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Supreme Court reserves verdict in Amazon suit

Amazon Inc had appealed challenging the Rs 24,713-crore acquisition of Future Retail Limited (FRL) by Reliance Industries
Representational image.

Our Legal Correspondent   |   New Delhi   |   Published 30.07.21, 03:51 AM

The Supreme Court on Thursday reserved its verdict on Amazon Inc’s  appeal challenging the Rs 24,713-crore acquisition of Future Retail Limited (FRL) by Reliance Industries.

“So we close the case now. The judgment is reserved,” a bench of justices R.F. Nariman and B.R. Gavai said after senior advocates Harish Salve and Gopal Subramanium, appearing for FRL and Amazon, respectively, concluded their submissions in the case. 

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The crucial judgment which would have a huge bearing on the enforceability of foreign arbitral emergency awards on Indian entities is expected to be pronounced over the next fortnight.

Summing up the arguments, Salve told the bench that the concept of emergency award as passed by the Singapore arbitrator was alien to the Indian concept and the same cannot be enforced on Indian companies.

However, Amazon through Subramanium had maintained that FRL, which had prior enforceable contracts and arbitration agreements, was bound to implement the award passed by the Singapore Emergency Arbitrator.

On February 22, the apex court had restrained NCLT from passing any final order on the Reliance-Future deal.



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