News Karnataka
Monday, March 27 2023

Future Retail to exercise remedies in law following SC judgement

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New Delhi: Future Retail said on Friday that there are remedies available in law, which it will exercise following the Supreme Court judgement in the arbitration award with Amazon.

Supreme Court of India on Friday passed its judgement inter-alia stating that Emergency Arbitrator’s order holds good under section 17(1) of the Arbitration and Conciliation Act and such award cannot be appealed under Section 17(2) of the Act.

Future Retail said, “The judgement addresses two limited points related to the enforceability of the Emergency Arbitrator’s order and not the merits of the disputes. The full copy of the judgement is awaited. FRL is advised that it has remedies available in law, which it will exercise.”

“The Arbitral Tribunal has concluded hearings on the questions (i) whether the interim award of the emergency arbitrator should continue and (ii) whether FRL is at all a party in the Arbitration proceedings.

“The decision of Arbitral Tribunal is awaited. FRL intends to pursue all available avenues to conclude the deal to protect the interests of its stakeholders and workforce,” the company said in a regulatory filing.

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