Singapore International Arbitration Centre (SIAC) has dismissed the jurisdictional objections raised by the Future Group and has decided to proceed with a Tribunal, according to sources.
People in the know told BusinessLine that the Future Group had raised objections to the jurisdiction of the Emergency Arbitration. However, in a ruling dated November 25, SIAC has “dismissed the jurisdictional objections on prima facie basis, and decided to proceed with the arbitration.”
In October, Amazon was granted an interim stay by SIAC against the Future Retail and Reliance Retail transaction.
This comes even as Future Retail has dragged Amazon to the Delhi High Court for disrupting its transaction with Reliance Group. Future Retail has demanded ₹100 crore worth of damages from Amazon in the said matter.
Meanwhile, the Competition Commission of India has also approved the approximately ₹24,000 crore deal between Future Retail and Reliance.