Future Retail asks Delhi court to quash Singapore arbitration panel's block on asset sale
image for illustrative purpose
India's Future Retail has asked a Delhi court to quash a decision by a Singapore arbitration panel that has kept the $3.4 billion sale of Future's retail assets in limbo while the panel hears objections from Amazon.com Inc.
Amazon has mounted legal challenges against Future's planned asset sale to market leader Reliance Industries since last year, accusing the company of violating certain contracts by doing so. Future denies any wrongdoing.
A Singapore arbitrator last year put the Future-Reliance deal on hold, and the panel last week declined Future's request to revoke that decision. On Wednesday, Future asked the Delhi High Court to intervene and quash the arbitrator's decision according to Indian law, its legal filing.
"The Arbitral Tribunal erroneously rejected FRL's (Future Retail) contention," its filing stated. "FRL submits that the standards applied by the Arbitral Tribunal ... are incorrect." Amazon did not immediately respond to a request for comment.
