Future Coupons Challenges SIAC Award Directing ₹23.7 Crore Damages To Amazon Before Delhi High Court
Pranav B Prem
Future Coupons Private Limited (FCPL), led by Kishore Biyani, has approached the Delhi High Court challenging the arbitral award passed by the Singapore International Arbitration Centre (SIAC) which had directed the company and its promoters to pay Rs. 23.7 crore as damages, in addition to litigation and arbitration costs, to Amazon.com NV Investment Holdings LLC. The matter came up before Justice Jasmeet Singh, who, after noting the submission of FCPL’s counsel that the parties are engaged in settlement discussions, adjourned the proceedings to January 19 for the next hearing.
The plea filed by Future Coupons seeks to set aside the arbitral award dated June 2025, contending that the SIAC tribunal erred in finding the company and its promoters guilty of breaching obligations arising from the Future Coupons shareholders’ agreement. The petition argues that the findings of the arbitral tribunal are contrary to law and facts, and that the award suffers from jurisdictional and procedural infirmities.
The long-running dispute stems from the 2020 transaction in which the Future Group, then weighed down by debts of approximately Rs. 22,000 crore, had agreed to sell its retail business, including the Big Bazaar chain and other related undertakings, to Reliance Retail Ventures Limited, a subsidiary of Reliance Industries Limited, for Rs. 24,713 crore. Amazon, which had invested Rs. 1,400 crore in Future Coupons in 2019, objected to the proposed sale, claiming that the shareholders’ agreement between the parties restricted the Future Group from transferring its retail assets to certain entities — including Reliance. In October 2020, Amazon invoked arbitration before the SIAC, and subsequently obtained an emergency interim order restraining the execution of the Future–Reliance transaction.
The arbitration proceedings culminated in a final award wherein the tribunal held that the Future Group, along with 11 of its promoters and associated entities — including Kishore Biyani — had breached their contractual obligations under the agreement with Amazon. Although Amazon had initially claimed Rs. 1,436 crore in damages, the arbitral tribunal assessed the loss at Rs. 23.7 crore, noting that the investment value had already diminished due to the worsening financial position of Future Retail Limited (FRL) and the broader economic effects of the COVID-19 pandemic. In addition, the tribunal ordered the Future Group parties to pay Rs. 77.3 crore and SGD 68,550 towards litigation and arbitration costs.
The Amazon–Future dispute has traversed multiple judicial and regulatory forums in India, including the Supreme Court, the National Company Law Appellate Tribunal (NCLAT), and the Competition Commission of India (CCI). The CCI had, in an earlier order, imposed a penalty of Rs. 200 crore on Amazon for failure to disclose material information concerning its 2019 investment in Future Coupons. The present challenge before the Delhi High Court marks the latest chapter in the prolonged legal battle between the two entities.
Appearance
For Petitioners: Senior Advocate Dayan Krishnan along with advocates Pranjit Bhattacharya, Salonee Shukla, Aashima Gautam, Sachin Jain, Sanjeevi Sheshadri instructed by Chambers of Pranjit Bhattacharya (for Future Coupons) ,Senior Advocate Dayan Krishnan and Advocate Shrishti Juneja for Ashni Kishore Biyani
For Respondents: Senior Advocate V P Singh instructed by AZB & Partners for Amazon
Cause Title: Future Coupons Private Limited & Ors. v. Amazon.com NV Investment Holdings LLC & Ors.
Case No: O.M.P. (COMM) - 458/2025
Coram: Justice Jasmeet Singh
