ACCORDING to reports, Kishore Biyani’s Future Group has hinted that it may challenge the Singa pore International Arbitration Centre’s (SIAC) award which hindered its Rs 24,713crore deal with billionaire Mukesh Am bani’s Reliance Industries Ltd (RIL).
Granting interim relief to global e-commerce giant Amazon Inc, SIAC recently restrained Future Group from entering into a deal with RIL to sell its retail, wholesale, logistics and ware housing units to Reliance Retail and Fashion Lifestyle Ltd (RRFLL).
The order was passed by VK Rajah, former Attorney General of Singapore, on a plea by Amazon invoking Rule 30 of the Singapore International Arbitration Centre Rules, 2016, seeking interim and emergency relief against the agreement. The award restrained Future Group from proceeding with the August 29, 2020, board resolution and carrying out any transaction with RIL. The arbitrator also restrained Future Group from approaching any authority with respect to the board resolution until a final decision was taken in the matter.
The board resolution of Future Group said that it could “sell by way of a slump sale, the retail and wholesale business that includes key formats such as Big Bazaar, fbb, Foodhall, Easyday, Nilgiris, Central and Brand Factory to RRFLL, a wholly-owned subsidiary of Reliance Retail Ventures Limited (RRVL). It will also sell the logistics and warehouse business to RRVL by way of a slump sale. RRFLL and RRVL will take over certain borrowings and current liabilities related to the business and discharge the balance consideration by way of cash”.
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