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Suspend review of Future-RIL deal, don’t grant no objection: Amazon urges SEBI

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E-commerce giant Amazon has written to Sebi yet again, apprising the market regulator of the formation of the arbitration tribunal at SIAC while urging it to suspend the review of the Rs 24,713 crore Future-RIL deal.

It has also filed an appeal with the Division Bench of the Delhi high court against the December 21 order of the single member bench, according to sources.

“The learned Single Judge made certain prima facie observations on the merits of the Appellants case in the arbitration proceedings which are inconsistent with the findings of the EA order and thus gravely prejudice the appellant,” Amazon said in its application.

“The prima facie observations contained in the impugned order effectively resulted in allowing Future Retail Limited to collaterally bypass the EA order,” Amazon said in its plea.

Amazon also said that Future Retail has been relying on these prima facie observations to misconstrue the true import of the impugned order in an effort to mislead regulators to grant approval to the potential transactions which has forced Amazon to file an appeal to quash and set aside the prima facie observations.

On December 21, a single member bench of the Delhi HC had rejected Future Group’s plea to restrain Amazon from writing to regulatory authorities about the SIAC (Singapore International Arbitration Centre) arbitral order but gave a go-ahead to the regulators to decide over the deal.

Amazon wrote to Sebi and requested it to suspend the review of the Impugned Transaction as well as the scheme involving the Impugned Transaction, and not granting any no-objection for the Future-RIL deal.

The letter also urged the market regulator to direct the Indian Stock Exchanges not to issue any no-objection/approval letter to Future Retail Ltd (FRL).

In its letter to Ajay Tyagi, Sebi Chairman, Amazon said, “We write to inform you that the Singapore International Arbitration Centre (SIAC) has constituted the arbitral tribunal in the arbitration proceedings initiated by Amazon against inter alia FRL, Kishore Biyani and Rakesh Biyani.

“We wish to highlight that in view of the constitution of the arbitral tribunal, the interim award passed by the EA stands automatically extended for the duration of the arbitration proceedings unless it is reconsidered/modified/vacated by the arbitral tribunal.”

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