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Singapore International Arbitration Centre rules in favour of Amazon in Future Group case
M & A Critique
|July 2025
The Singapore International Arbitration Centre (SIAC) has ruled in favour of Amazon in its longstanding legal battle with Kishore Biyani-led Future Group, holding that Reliance Retail-Future merger deal breached its preexisting contract.
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However, Amazon has managed to get minuscule damages of Rs 23.7 crore against claimed amount of Rs 1436 crore.
In a final award issued late night, the three-member tribunal said the 2020 board resolution by Future Retail Ltd (FRL) approving the sale of its retail, wholesale, and logistics assets to Reliance was in breach of contractual obligations under the Shareholders' Agreement (SHA) and Share Subscription Agreement (SSA) signed between Amazon and Future Coupons Pvt Ltd (FCPL).
While Amazon had sought damages of Rs 1,436 crore, the tribunal awarded a significantly smaller sum of Rs 23.7 crore. It directed 11 promoters and parties, including Kishore Biyani, to jointly and severally pay the amount, along with interest at 10.3% annually (compounded) from March 9, 2022, until full payment. The parties are also liable to bear Amazon's arbitration and litigation costs.
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