Singapore sees the beginning of arbitration proceedings between Reliance and Amazon over Future Group.
Former Attorney General of Singapore, V.K. Rajah concluded the arbitration hearing on Friday, October 16 and will deliver his ruling on or before Monday, October 26, sources said.
Rajah, former Attorney General of Singapore, is the sole arbitrator in the Amazon vs. Future vs. Reliance arbitration matter.
Harish Salve appeared for the Future Retail (being acquired by RIL) while Singapore-based lawyer Davinder Singh appeared on behalf of Future Coupons Pvt Ltd. (FCPL), the holding company of Kishore Biyani.
Gopal Subramanium, former Solicitor General of India, appeared for Amazon.
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The hearing is said to have lasted for five hours. The arbitrator V K Rajah said that he would deliver his judgment on or before Monday.
When contacted, an Amazon spokesperson said, 'We cannot comment as the matter is subjudice'.
Amazon had invested in an unlisted firm of Future Group. The Future Group had to be sold because the losses were mounting and becoming untenable. Reliance bought the Future Group to which Amazon claims is a breach of contract between Amazon and Future Group.
Analysts see this as a war between the world's richest man Jeff Bezos, having a net worth of $ 204.6 billion and India's richest man, Mukesh Ambani with a (net worth of $ 88.4 billion) for control over India's retail sector.
Behind this entire legal tussle is the fight for
India’s offline retail market.