A tribunal in Singapore restrained Future Group and Reliance Industries Limited from proceeding with a Rs 24,713-crore deal signed in August for Future Retail to sell its retail, wholesale, logistics and warehousing units to Reliance Retail and Fashionstyle.
Daily Current Affairs Quiz 2020
Key-Points
The emergency order by the Singapore International Arbitration Centre (SIAC) came on a plea from global e-commerce giant Amazon.
Singapore has emerged as the preferred location for international arbitration involving Indian companies as foreign investors typically want to avoid the rigmarole of the Indian courts.
According to the 2019 annual report of SIAC, India was the top user of its arbitration seat with 485 cases being referred to SIAC, followed by Philippines at 122, China at 76 and the United States at 65.
India now has its own international arbitration centre in Mumbai. But in context of arbitration, this is a recent development.
