Amazon has moved Delhi High Court seeking the enforcement of the Emergency Award, restraining Future Group from going ahead with its deal with Reliance stating the order passed by the Emergency Arbitrator “shall be deemed to be an order of the Court for all purposes and shall be enforceable under the Code of Civil Procedure.”
The petition has been moved by Amazon.Com NV Investment Holdings LLC against Future Coupons Private Limited, Future Retail Limited, & Ors, to restrain it from alienating, disposing, transferring its assets.
Amazon has also sought directions to detain Kishore Biyani, Ashni K Biyani, Rakesh Biyani and others, including directors of Future Coupons and Future Retail, in civil prison.
In its petition, under section 17(2) of the Arbitration and Conciliation Act, 1996, the Amazon, seeks direction to enforce the award passed by the Emergency Arbitrator under the Rules of the Singapore International Arbitration Centre (SIAC) against its partner Future’s Rs 24,713 crore deal with Reliance.
“The petitioner was constrained to initiate the said Arbitration Proceedings on account of the grave and material breaches of binding agreements committed by the Majority Respondents particularly, on account of the proposed transactions relating to the transfer of the retail assets of Respondent no 2, Future Retail Limited (FRL) to a restricted person viz. the Mukesh Dhirubhai Ambani (MDA) group. The Arbitration Proceedings which commenced on 5 October, 2020, constitute an international commercial arbitration under Section 2(1)(f) of the A&C Act and are seated in New Delhi, India,”
-said the petition.
It is further stated that “the petitioner was shocked to note that immediately after the issuance of the Order, FRL and other Majority Respondents simply ignored the directions contained in the Order and continuously pursued the statutory authorities/regulators, urging them to approve the Impugned Transaction, in direct contravention of the Order.
Amazon has prayed that the Court issue
“an injunction against the Respondents (Future group), in light of the directions passed by the EA, from relying upon any approval granted by any regulatory body or agency in India arising out of any application initiated or pursued by the Respondents, contrary to the directions in the Order, including without limitation, the no objection granted by the SEBI and as also approvals granted by the BSE, NSE and CCI.”
The interim ruling by the Singapore International Arbitration Centre (SIAC), which was valid till January 23, now stands extended till further modification.
“… in view of the constitution of the Arbitral Tribunal, the Order stands automatically extended for the duration of the Arbitration Proceedings unless it is reconsidered/ modified/vacated by the Arbitral Tribunal,”
-the petition said.
Amazon pointed out that since no application for reconsideration/ modification/ vacation of the order has been preferred till date by any party, the order stands automatically extended.0-Amazon-Section-172-Petition-2