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Reliance Retail, Future Retail say deal will proceed ‘without any delay’ despite Amazon obtaining injunction order

Reliance Group and Future Retail have publicly stated that they will proceed with their deal "without any delay" even though Amazon obtained an injunction order against it from a Singapore arbitration court on October 25. On Sunday evening, the Reliance Group said its deal to acquire Future Group’s assets is fully enforceable under Indian law and that it will complete the deal “without any delay". On Monday, the Future Retail echoed Reliance Group, stating that it is not party to the agreement under which Amazon has invoked the arbitration proceedings. The deal is governed by Indian law, and would have to be tested under provisions of the Indian Arbitration Act in an appropriate forum, the company said. "The matter raises several fundamental jurisdictional issues which go to the root of the matter,” the company said in a stock exchange filing. Future Group is likely to move the Delhi High Court in the next few days challenging the order, according to the Economic Times.  The interim order by the single-judge arbitration court in Singapore temporarily halted the planned sale of Future Group’s retail, wholesale, and logistics and warehousing business to Reliance Retail Ventures Ltd, a subsidiary of the Reliance Group, for ₹24,713 crore. Amazon had filed legal proceedings in the Singapore International Arbitration Centre (SIAC) against the deal, claiming the Future Group had breached the 2019 contract under which Amazon had acquired an indirect stake in Future Retail. In August 2019, Amazon had bought 49% equity stake in Future Coupons —…

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