January 20, 2022

The World Live Breaking News Coverage & Updates IN ENGLISH

The World Live Breaking News Coverage & Updates IN ENGLISH

Delhi HC dismisses Future’s plea for termination of Amazon arbitration

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Delhi HC dismisses Future’s plea for termination of Amazon arbitration
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Delhi HC dismisses Future’s plea for termination of Amazon arbitration
Delhi HC dismisses Future’s plea for termination of Amazon arbitration

MUMBAI: The Delhi high court on Tuesday dismissed Future Retail’s plea to declare arbitration proceedings with its warring partner Amazon as illegal.
The ruling came after Future urged a New Delhi judge that given the antitrust agency had suspended a 2019 deal used by Amazon to assert rights over Future, there was no legal basis for the arbitration between the two sides to continue.
Justice Amit Bansal at the Delhi high court said on Tuesday that the filings were dismissed, without giving any further details.
A written order will be released later on Tuesday.
Amazon and Future have been locked in legal battles for several months. The US company has successfully used the terms of its $200 million investment in a Future unit in 2019 to block the Indian retailer’s attempt to sell retail assets to rival Reliance Industries, alleging breach of certain contracts.
Future denies any wrongdoing.

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