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'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Delhi High Court held that the order of the emergency arbitrator of Singapore International Arbitration Centre (SIAC) had rightly barred Future Retail and Future Coupon from going ahead with their deal with Reliance Retail and Fashionstyle.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The high court also held that the order of the emergency arbitrator was not a nullity as claimed by Future Retail and Reliance Retail and that it was enforceable under Indian laws.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Amazon’s plea had sought a stay on the deal between Future Retail and Reliance Retail alleging that it would violate the agreement it had with Future Retail.</span></span></p>
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<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The emergency arbitrator asked Future Retail if it was willing to maintain status quo on their deal with Reliance Retail until the SIAC reached a final conclusion on the matter.</span></span></p>
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<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Future Retail refused, following which the emergency arbitrator passed an order barring the company from going ahead with the Rs 24,713-crore deal to sell its retail, wholesale, logistics and warehousing units to Reliance Retail.</span></span></p>
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<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Significance of ruling</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Delhi High Court’s order and observation that the emergency arbitrator’s decision to block the deal was not a nullity and it was enforceable in India gives a boost to Amazon’s stand on the issue.</span></span></p>
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<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Amazon had repeatedly submitted that the deal between Future Retail and Reliance Retail was a violation of an earlier deal that Amazon had signed with the Future Group.</span></span></p>
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<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Deal with Future group</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In 2019, Future Retail had signed a Rs 2,000-crore deal for Amazon to acquire 49 percent stake in Future Coupons, the promoter firm of Future Retail.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It said the deal also required Future Group to inform Amazon before entering into any sale agreement with third parties.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Both Future Retail and Reliance Retail had maintained that the order of the emergency arbitrator was not recognised under Indian laws.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Future course</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Delhi High Court has for now asked both the parties to not take any further steps until it decides on the plea that it pending before it. </span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">Future has also moved the National Company Law Tribunal (NCLT) seeking approval of its merger with Reliance Retail.</span></span></p>
</li>
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'title' => 'Delhi HC order on Future Group-Amazon dispute',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Delhi High Court held that the order of the emergency arbitrator of Singapore International Arbitration Centre (SIAC) had rightly barred Future Retail and Future Coupon from going ahead with their deal with Reliance Retail and Fashionstyle.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The high court also held that the order of the emergency arbitrator was not a nullity as claimed by Future Retail and Reliance Retail and that it was enforceable under Indian laws.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Amazon’s plea had sought a stay on the deal between Future Retail and Reliance Retail alleging that it would violate the agreement it had with Future Retail.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The emergency arbitrator asked Future Retail if it was willing to maintain status quo on their deal with Reliance Retail until the SIAC reached a final conclusion on the matter.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Future Retail refused, following which the emergency arbitrator passed an order barring the company from going ahead with the Rs 24,713-crore deal to sell its retail, wholesale, logistics and warehousing units to Reliance Retail.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Significance of ruling</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Delhi High Court’s order and observation that the emergency arbitrator’s decision to block the deal was not a nullity and it was enforceable in India gives a boost to Amazon’s stand on the issue.</span></span></p>
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<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Amazon had repeatedly submitted that the deal between Future Retail and Reliance Retail was a violation of an earlier deal that Amazon had signed with the Future Group.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Deal with Future group</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In 2019, Future Retail had signed a Rs 2,000-crore deal for Amazon to acquire 49 percent stake in Future Coupons, the promoter firm of Future Retail.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It said the deal also required Future Group to inform Amazon before entering into any sale agreement with third parties.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Both Future Retail and Reliance Retail had maintained that the order of the emergency arbitrator was not recognised under Indian laws.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Future course</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Delhi High Court has for now asked both the parties to not take any further steps until it decides on the plea that it pending before it. </span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">Future has also moved the National Company Law Tribunal (NCLT) seeking approval of its merger with Reliance Retail.</span></span></p>
</li>
</ul>
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