Amazon nod must to recast Future Group’s business: Singapore ruling

The emergency arbitrator in the Singapore International Arbitration Centre (SIAC) has said that, in the Amazon-Future dispute, the US-based online retailer has an “apparent right” to be present for any restructuring of Future Retail NSE -0.58 % (FRL) and the Future Group. The sole arbitrator has mentioned in its summary of the interim ruling that the assets of FRL can’t be compromised without Amazon’s consent.

TOI has reviewed the interim order summary by the SIAC arbitrator V K Rajah, who is also the former attorney general of Singapore. This is part of the interim grant given to Amazon, which approached the SIAC saying Future Group has violated its contract by selling retail assets to Mukesh Ambani’s Reliance Industries NSE 3.79 % in a Rs 24,713-crore deal. So far, Future Group has said the interim order is not enforceable in India besides disagreeing with Amazon’s allegations.