Arbitration proceeding between Amazon and Future group may start from November this year

The 9-12 months long arbitration proceeding between Amazon and Future group over the alleged breaching of a non-compete contract over the deal with Reliance Industries is expected to start from November this year.

The 9-12 months long arbitration proceeding between Amazon and Future group over the alleged breaching of a non-compete contract over the deal with Reliance Industries is expected to start from November this year. Earlier, the initiation notices were sent by Amazon to the Singapore International Arbitration Center (SIAC), and various parties connected to this deal include the Future Group.

A few months ago, Future Group signed a big deal with Amazon, who will help Future Retail reach a wider customer base, which in turn will facilitate packaging and picking up of Amazon products.

RIL said its unit Reliance Retail Ventures (RRVL) is acquiring the retail and wholesale business and the logistics and warehousing business from the Kishore Biyani-promoted Future Group due to the ongoing concerns on a slump sale basis for a lump-sum total consideration of Rs 24,713 crore.

The rights in the Amazon-Future Group case pertain to a set of the non-compete like pact which did not allow Biyani’s Future Group to get into a new deal with competitor Amazon, and after the allegations from Amazon, the future course for the resolution of the situation is likely to involve a grievance redressal mechanism. Amazon has started a legal grievance redressal mechanism, and thus the arbitration has proceeded.

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