New Delhi: In a regulatory filing, the company said that FRL’s jurisdictional objections are pending determination with the SIAC Registrar.
Further SIAC has appointed an Emergency Arbitrator, however, the Indian law does not recognize an Emergency Arbitrator. “Accordingly, the Interim Order is unlikely to have an impact either on the FRL or the Company,” it said.
It said that notice of Arbitration has been issued by Amazon against FRL and other FRL promoter group persons in accordance with the Singapore International Arbitration Centre (SIAC) Rules for alleged violation of the provisions of the shareholders agreements.
Further, as per SIAC Rules Amazon has filed an application seeking interim relief, injuncting the Respondents from giving effect to the Composite Scheme of Arrangement.
“As per information received, FRL is in process of initiating appropriate proceeding to protect its rights and seek necessary reliefs against in relation to the interim award which is not enforceable under Indian law,” the company said.
“There would not be any change in status of the proposed scheme until the Interim Order passed by the Emergency Arbitrator of SIAC is executed by the Indian court of appropriate jurisdiction”, the company said.
FRL said it has shared only the dispositive order of the Emergency Arbitrator since it is not a public document. Further a copy of the Interim Order has been separately submitted by FRL to the stock exchanges claiming confidentiality since the same is not a public document.
