A war between the world's richest man and India's richest man
The arbitration proceedings between Amazon and Kishore Biyani have begun in Singapore.
Former Attorney General of Singapore, V.K. Rajah concluded the arbitration hearing on Friday, October 16 and will deliver his ruling on or before Monday, October 26, sources said.
Rajah, former Attorney General of Singapore, is the sole arbitrator in the Amazon vs. Future vs. Reliance arbitration matter.
An emergency hearing of the arbitration took place in Singapore on Friday.
Harish Salve appeared for the Future Retail (being acquired by RIL) while Singapore-based lawyer Davinder Singh appeared on behalf of Future Coupons Pvt Ltd. (FCPL), the holding company of Kishore Biyani.
Gopal Subramanium, former Solicitor General of India, appeared for Amazon.
The hearing is said to have lasted for five hours. The arbitrator V K Rajah said that he would deliver his judgment on or before Monday.
When contacted, an Amazon spokesperson said, 'We cannot comment as the matter is subjudice'.
That judgement will eventually decide the fate of Reliance's deal with the Future Group. Amazon's investment in FCPL is around Rs. 1500 crore, which is an insignificant amount for Jeff Bezos, the richest man in the world and CEO of Amazon.
According to experts, Amazon's legal salvo at Future is indirectly aimed to thwart Reliance's attempt to establish its leadership position in the Indian retail sector.
Analysts see this as a war between the world's richest man Jeff Bezos, having a net worth of $ 204.6 billion and India's richest man, Mukesh Ambani with a (net worth of $ 88.4 billion) for control over India's retail sector. - IANS