The Singapore International Arbitration Centre (SAIC) has begun the arbitration proceedings between the US-based e-commerce behemoth Amazon and Kishore Biyani-promoted Future Group over the latter’s Rs 24,713 crore deal with billionaire Mukesh Ambani-controlled Reliance Retail.

On July 12, a three-member tribunal comprising Singaporean barrister Michael Hwang, Albert van den Berg and Jan Paulsson heard Future Retail’s petition that the dispute was between one of its promoter entities and Amazon, and that it should not be made a party to it. This proceeding continued on July 13, while during the next two days, the bench will contemplate on the appeal to repeal the stay, people familiar with the development told the business daily.

In August 2020, Reliance Retail Ventures had mentioned that it would acquire the retail and wholesale business, and the logistics and warehousing business of Future Group for Rs 24,713 crore.

The SIAC in October last year issued an emergency order, restraining Future Group and Reliance from proceeding with the deal as the American e-commerce titan Amazon claimed that the deal violated its 2019 investment agreement with Future Coupons that gave Amazon the right of first refusal in case of sale.