NEW DELHI - India’s Future Retail Ltd said on Sunday that a Singapore arbitrator’s order in its dispute with Amazon.com Inc is not enforceable under Indian law and not binding on the company.
Amazon on Oct. 25 won an injunction from the arbitrator to halt FRL’s deal to sell its retail assets to Reliance Industries for $3.4 billion, arguing the Indian retail group had violated certain pre-existing agreements it had with the U.S. e-commerce giant. Calling the proceedings before the so-called “emergency arbitrator” void, FRL told Indian exchanges that any attempt on the part of Amazon to enforce the order will be resisted.
In its Sunday filing, FRL said it had complied with all regulatory requirements and urged the market regulator and the Indian stock exchanges to continue to review its deal with Reliance for approval.
Amazon got slap from Reliance
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