India
oi-Deepika S
New Delhi, Aug 06: The Supreme Court on Friday ruled in favour of Amazon and held that Singapore’s Emergency Arbitrator Award that restrained Future Retail Ltd (FRL) from going ahead with its merger deal with Reliance Retail is enforceable in Indian law. The high-profile case was seen as one of the most bitterly fought battles in the world’s only billion-plus retail market open to foreign competition.
The verdict would be pronounced at 10.30 AM by a bench of Justices R F Nariman and B R Gavai which had reserved it on July 29 after hearing battery of lawyers including senior advocates Harish Salve and Gopal Subramanium, appearing for FRL and Amazon respectively.
The verdict is keenly awaited as it is likely to deal with the legality and enforceability of an award by an Emergency Arbitrator (EA) of the foreign country here in view of the fact that the term EA is not used in the Indian…