Amazon-Future dispute: Singapore interim ruling validity gets extendedBENGALURU: The interim ruling by the Singapore arbitrator at Singapore International Arbitration Centre (SIAC), which gave a relief to Amazon by staying the Future-Reliance deal and was valid for 90 days till January 23, now stands extended till further modification. This is because there has been no change in the emergency order by the arbitrator passed on October 25, according to people aware of SIAC arbitration laws.

“Once the arbitration tribunal is constituted, as per SIAC rules, the emergency arbitration order gets extended till further modified by the arbitration tribunal,” a person aware of the norm said. The tribunal at SIAC was formed recently and now the final hearing is expected to start on the dispute.

Typically, one of the parties in a dispute approaches the arbitrator for modifying the interim order but it hasn’t happened in the Amazon-Future dispute over the Rs 24,713 crore Reliance deal. “If the final tribunal was also not formed till today, the emergency order would have expired after January 23,” this person added.

For Amazon, it has relied on the SIAC emergency order to write to Indian regulators urging them to consider the same before giving any approval to the Future-Reliance deal. While the SIAC tribunal is expected to start its proceedings, Delhi high court is slated to hear Amazon’s appeal against the initial high court order next month.

Last week, market regulator Sebi told Future Group it should inform shareholders of its listed companies about the complaints from Amazon over the proposed transaction with Reliance and its status.

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