FRL-Reliance deal: Will decide if EA award valid, enforceable, says SC

The Supreme Court Tuesday said it would decide whether Singapore’s Emergency Arbitrator (EA) award, restraining Future Retail Ltd (FRL) from going ahead with its merger deal with Reliance Retail, was valid under Indian law and if it can be enforced.

US-based e-commerce giant Amazon.com NV Investment Holdings LLC, and FRL are embroiled in a bitter legal fight over FRL’s Rs 24,713 crore merger deal with Reliance Retail.

We will decide whether EA award falls under section 17 (1) (which deals with interim award by arbitral tribunal) of the Arbitration and Conciliation Act. And if yes, then whether it can be enforced under section 17 (2) (of the Act), said a bench comprising justices R F Nariman and B R Gavai.