Delhi HC seeks Future Retail’s stand on Amazon’s plea
Amazon, the US based e-commerce giant attempted to control the rules of FDI and FEMA. Due to this regard, Delhi High Court on Wednesday with a bench of chief justice D.N.Patel and Jyoti Singh issued a notice to Kishore biyani-led future Retail Ltd (FRL), Reliance Retail seeking their stand on plea by Amazon against the observations, as they have a case in arbitration proceedings that were initiated before Singapore international arbitration center(SIAC).
On October 2020, it was found that the observations are inadequate and the findings in the Singapore international arbitration center against FRL’s asset value were under Rs 24713 crore which was a deal made with Reliance Retail.
The appeal declared on 21st December 2020 order was to avoid the SIAC in order to result effectively.