Amazon awarded ₹23.7 crore in damages, ₹77 crore towards legal costs by Singapore arbitration body in Future Group case

Total given to Amazon LaA new report is 23.7 Crore by Singapore International Arbitration Center (SIAC), led by the Future Group, led by the technology giant Kishore Biyani.

According to a report made by the bar and the bench, SIAC decided that Future Group violated the contractual obligations to Amazon when an agreement with the Reliance, which violated the conditions of the previous agreement.

Livemint could not independently confirm the details of the total given to Amazon. This article will be updated when a approval.

What does Amazon buy?

Amazon called initially La1.436 Crore damage – this is the amount of special limited to the quantity of future coupons. However, it was only given La23.7 Crore.

The company also sought lawsuits in fortifications and before the courts and courts in India.

According to the sources quoted by the bar and the bench, the three -member SIAC Court decided that the next group really violated the contract and gave 60 percent of the legal costs that Amazon attended during the fortification transactions. He also refused to pay any costs regarding the initiation or defense of allied declarations.

According to estimates quoted by the legal publication, Amazon was awarded La77 Crore and La6 Crore for legal cost and arbitration fees, LaHe spent 125 crore.

The three -member court consisted of Prof albert Jan van den Berg, Prof Jan Paulsson and senior advisor Michael Hwang.

Future Group and Amazon have been locked in a painful war for more than a year after the decision to sell the Indian retailer’s major bazaar business to Reliance Industries, a subsidiary of Reliance Industries.

Amazon.com opposed the investment of Amazon.com NV Investment Holdings LLC’s investment. LaIn the future coupons, one of the supporters of the future retailer, 1,400 CRORE does not allow the future to sell retail assets to certain companies, including religions. It was that Amazon could become a greater power rather than trust in a retail market of $ 900 billion.

In August 2020, the dispute is a debuten and a loss of loss. La24.713 Crore Retail is agreed to sell wholesale, logistics and storage businesses to their reliance industries. Amazon immediately appealed.