Amazon asks Sebi to wait for SIAC order

Amazon.com Inc. has asked India’s markets regulator to wait for the final order of a Singapore court before clearing the merger of Future group companies, a move that is seen as a precursor to an eventual sale of its assets to Reliance Industries Ltd.

In a 21 December letter, Amazon told Sebi that the Singapore arbitration court’s ruling has been held valid under India’s arbitration law by the Delhi high court and, hence, the Future group’s amalgamation must wait till the Singapore court gives a final judgement.

“The Delhi high court has also made it clear that no observations were passed with respect to the merits of the interim award. Consequently, all findings contained in the interim award, including the finding that FRL (Future Retail Ltd) is a necessary and proper party to the arbitration proceedings, continue to be valid,” the Amazon letter, a copy of which Mint has reviewed, said.