Supreme Court rules in favour of Amazon in the Future Retail case

The Supreme on Friday ruled that Future Retail’s $3.4-billion deal to sell its retail assets was bound by an arbitrator’s order that put the transaction on hold. This is a big boost to partner Amazon, which had sought to block the deal.

Amazon and Future had been locked in legal battles over the deal, with the US firm accusing the Indian group of violating pre-existing contracts when it sold its assets to rival Reliance Industries. Future has denied any wrongdoing.

The Supreme Court said that an order by Singapore’s Emergency Arbitrator (EA) in October to put the deal on hold was valid in India, PTI reported.