SIAC order against Rs 24,713 crore deal with RIL not ‘enforceable, binding’: Future Retail

Future Retail on Sunday said the emergency order passed by the Singapore International Arbitration Centre (SIAC) putting its Rs 24,713-crore deal with Mukesh Ambani-led RIL on hold is not “enforceable and binding”, and any move to enforce it would be “resisted” by the company.

The interim award passed by the Emergency Arbitrator (EA) of SIAC last week over the plea of Amazon.com NV Investment Holdings LLC is “void and coram non-judice”, said Future Retail Ltd (FRL) in a regulatory update.

According to FRL, the EA order was passed in arbitration proceedings initiated by Amazon by invoking an arbitration clause in a contract to which FRL is not a party, it added.