Win for Amazon: SC upholds Singapore panel’s ruling against Reliance-Future Retail deal

NEW DELHI: In a setback to the proposed Rs 24,713-crore Future-Reliance deal, the Supreme Court on Friday held that Singapore’s Emergency Arbitrator (EA) award restraining Future Retail Ltd (FRL) from going ahead with its merger with Reliance Retail is valid and enforceable and allowed the plea of US ecommerce giant Amazon, which had challenged the Ambani-Biyani pact.

A bench of Justices R F Nariman and B R Gavai quashed the order passed by a division bench of the Delhi high court, which virtually allowed Kishore Biyani’s Future group to go ahead with the deal by staying the single bench order that had directed the group to maintain status quo in view of Singapore’s EA award.