Taking into account the US company’s claim that Reliance has allegedly taken over the FRL stores and that it should be stopped, the bank has given Amazon the freedom to file an application, detailing the relief, and this placed for questioning on Wednesday.

US e-commerce giant Amazon told the Supreme Court on Tuesday that talks with Future Group to resolve the dispute over Future Retail’s merger agreement with Reliance Retail had failed and sought intervention to ensure FRL’s stores are not shut down. taken over.

A bank headed by Chief Justice NV Ramana complied with Amazon’s request on March 3 and gave it 10 days to investigate the possibility of resolving the dispute through dialogue with Future Group.

The court, which also includes judges AS Bopanna and Hima Kohli, will hear Amazon’s appeal against the January 5 order of the Delhi Supreme Court suspending the arbitration proceedings before the arbitral tribunal over Future Retail’s merger agreement with Reliance Retail.

“It often happens that we sometimes hope very positively, but in the end we are not positive at all. The conversation ended and failed. Nothing is happening at the moment,” said senior attorney Gopal Subramanium, who appeared before Amazon, adding that it now wanted the arbitration to resume.

Taking into account the US company’s claim that Reliance has allegedly taken over the FRL stores and that it should be stopped, the bank has given Amazon the freedom to file an application, detailing the relief, and this placed for questioning on Wednesday.

“Amazon has brought us to our knees and they have. We are broken. Nothing has been transferred. Rents have not been paid for over two years, we had no money, we have told all the forums that. terminated…” said senior attorney Harish Salve, acting for one of the Future group firms.

“We can talk about the glory and greatness of things, but when we’re broke, we’re broke,” Salve said. Subramanium said the Reliance group has filed an application on the exchange to say they will honor their commitments to the Futures group.

“In all honesty, Mr Rohatgi, how can your client take everything away and make the case virtually barren,” the bank said.

Rohatgi said he did not appear for FCPL (Future Coupons Private Ltd).

Amazon claimed 600 stores were taken from FRL on March 3, but the fact is that not a single store was surrendered, Salve said.

The Futures group has said Amazon’s action will drive us to bankruptcy, Salve said, adding that Future has no control over Reliance’s action trading outside.

On February 23, the bank had asked Amazon and Future Group to request NCLAT to rule on the plea against the repeal of the sanction against the US e-commerce major for his deal with Future Group’s company by the Competition Commission of India. .

The suggestion was made by the bank during the adjournment of the hearing on Amazon’s appeal against the January 5 order of the Delhi High Court, adjourning the ongoing arbitration proceedings before a three-member arbitration tribunal over the Rs 24,500 crore merger agreement of Future Retail. with Reliance Retail was suspended.

On February 9, the highest court had issued notices to Future group firms about Amazon’s plea against the Delhi Supreme Court order.
It had solicited comments from the Futures group firms, FCPL and Future Retail Ltd (FRL) and said it would hear the matter on February 23 “without any adjournment”.

Amazon and Future Group are locked in a legal battle after the US e-commerce giant took the latter to arbitration at the Singapore International Arbitration Center (SIAC) in October 2020.

The new plea, notified by the highest court, has been filed by the US company attacking the Jan. 5 order of a division bank of the Delhi Supreme Court, pending the Amazon-Future arbitration.

The Supreme Court’s division bench had also suspended a Jan. 4 single judge’s order dismissing the Future Group’s two pleas to request the arbitral tribunal to rule on its request to terminate the arbitration proceedings before proceeding. .

The Supreme Court had said there was a prima facie case in favor of FRL and FCPL and that if a stay is not granted, it would cause them an irreparable loss.

Amazon argued that FRL had breached their contract by entering into a deal to sell its assets to billionaire Mukesh Ambani’s Reliance Retail at a low sales base of Rs 24,500 crore.

In December last year, the Competition Commission of India suspended its more than two-year-old approval for Amazon’s deal to acquire a 49 percent stake in FCPL and FRL promoter, and also imposed a fine of Rs 202 crore on the e-major trade.

Amazon has objected to the sale plans, accusing Future Group of violating its 2019 investment pact. Founded in 2008, Future Coupons is engaged in the marketing and distribution of gift cards, loyalty cards and other rewards programs for corporate customers.


This post Talks have not resolved dispute with Future over FRL-Reliance Retail merger agreement, Amazon tells Supreme Court was original published at “https://www.financialexpress.com/industry/talks-failed-to-resolve-dispute-with-future-over-frl-reliance-retail-merger-deal-amazon-tells-sc/2462103/”

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