Adverse SC ruling sends Future back to the drawing boards2 min read 06 Aug 2021, 03:49 PM IST
It also signals India’s acceptance of international arbitration norms
The Supreme Court’s upholding of the Singapore arbitration court’s decision to place on hold a deal that would have allowed Kishore Biyani to sell Future Group’s retail, wholesale, logistics and warehousing business to Reliance Industries Ltd for ₹24,713 crore brings closure to the recent uncertainty around India’s position on such rulings. The objection to the deal had come from Amazon, which cited pre-existing contracts with Future Group to block its sale to parent Reliance Industries. The acquisition would have given the Indian company an advantage in the three-way battle for supremacy in India’s rapidly growing retail market.
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