SIAC Awards ₹23.7 Crore Damages to Amazon in Future Group Dispute

The Singapore International Arbitration Centre (SIAC) has awarded ₹23.7 crore in damages to Amazon, finding Future Group breached its 2019 shareholder agreement with Amazon by approving the sale of assets to Reliance Retail. 

The tribunal held that Future Retail Limited’s Board resolution approving a ₹24,713 crore deal with Reliance violated restrictive covenants that barred transactions with specified parties.

Amazon had sought ₹1,436 crore in damages and ₹125 crore in legal costs but received ₹77 crore for arbitration-related costs and ₹6 crore for fees.

The arbitration stemmed from Amazon’s ₹1,431 crore investment in Future Coupons to gain indirect control over Future Retail.