Tuesday, August 10, 2021

Big win for Amazon as Supreme Court says arbitration restraining Future-Reliance deal enforceable

In a major win for e-commerce giant Amazon, the Supreme Court on Friday said that arbitration restraining Future Group’s deal with Reliance Industries was valid and enforceable under Indian laws.
Last week, the apex court had reserved its judgment in the case about the ruling by a Singapore tribunal restraining Future from going ahead with its merger with Reliance.

A bench of Justices R F Nariman dealt with the larger question and held that an award of an EA of a foreign country is enforceable under the Indian Arbitration and Conciliation Act despite the fact that the term EA is not used in arbitration laws here.

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