Singapore arbitration panel says Future Retail is party to dispute with Amazon-order

The Singapore International Arbitration Centre (SIAC) has ruled that Future Retail NSE -3.83 % Ltd (FRL) is a “proper party” to the ongoing arbitration between Amazon and Future Coupons Pvt Ltd (FCPL) over Future’s plans to sell its assets to Reliance NSE -1.78 % Retail. FRL had asked to be excluded from the arbitration.

FRL had argued that it had not signed any agreement with Amazon and maintained that it was promoter firm FCPL that had concluded a shareholder agreement with the US giant in 2019 when it invested about Rs 1,400 crore in FCPL, which owns 9.8% of FRL.