NEW DELHI, Reuters – Future Retail has lost its appeal to quash an Order from Reliance that placed its $3.4 Billion deal on hold. This was a win for Amazon.com Inc (NASDAQ) who is trying to stop the transaction.

Amazon has been locked in a tussle https://www.reuters.com/technology/singapore-arbitration-panel-says-indias-future-retail-is-party-dispute-with-2021-10-20 with Future and accuses it of breaking contracts when it sold its retail assets to Indian market leader Reliance last year. Future has denied all wrongdoing.

Future appealed against the Singapore arbitration’s decision to put the agreement on hold for October 2020, in an interim ruling. Future made the statement in a Friday statement to Indian stock markets that this panel rejected Future’s application.

Future stated that the arbitration tribunal had ruled against the request to cancel the interim award. “The Company will be making decisions about its future actions based on legal advice and any available remedies.”

Following the devastating COVID-19 attacks on its operations, Future, India’s second largest retailer (with over 1,700 outlets), made a deal to sell some of its businesses, including wholesale logistics, to Reliance.

Amazon wanted to own some Future retail assets. According to Amazon, a deal with Future in 2019 contained clauses that prohibited the Indian company from selling any of its retail assets or to people on “restricted persons lists” which included Reliance.

Future was sued by Amazon before an arbitration panel in Singapore. The dispute is currently being litigated in India.