From Our Bureau
NEW DELHI: American ecommerce major Amazon and Future Group on Tuesday told the Supreme Court that they had no positive outcome of the possible mediation as directed by it between them over the latter’s Rs 24,713 crore asset sales deal with the Reliance Group of Mukesh Ambani.
This comes after the Supreme Court gave Amazon Inc, Reliance Industries Ltd and Future Retail Ltd 15 days to come up ith a resolution in the dispute by having amicable settlement.
Amazon on Tuesday accused Reliance of fraud in the takeover of the Future stores by publishing a public notice in leading Indian newspapers, charging Future Retail and Reliance of “fraud,” following the Reliance Industries’ sudden takeover of many stores of Future.
The advertisement said: “These actions have been done clandestinely by playing a fraud on the constitutional courts in India, the arbitral tribunal and Indian statutory authorities/agency.”
In ads headlined “PUBLIC NOTICE” in leading Indian newspapers on Tuesday. Amazon said: “These actions have been done clandestinely by playing a fraud on the constitutional courts in India, the arbitral tribunal and Indian statutory authorities/agency,”
Amazon has challenged the proposed $3.4 billion sales of Future Group’s retail assets to Reliance. They first announced in 2020, and the case is currently before India’s Supreme Court.
Amazon has been contesting the planned $3.4 billion sales of Future Group’s retail assets to Reliance and the case is currently before the Supreme Court. The eCommerce giant has argued that Future violated the terms of a 2019 deal the companies signed when the US e-commerce giant invested USD 200 million in a Future Group unit. Amazon’s position has been backed by a Singapore arbitrator.
FUTURE’S WORDS: Future said in the files this month that it was unable to pay rent at many branches, given its tight financial situation and that Reliance, which had taken over many of its leases, had given it resignation letters.
According to a source with direct knowledge of the matter, who was not authorized to speak to the media and declined to be identified. Amazon is concerned that Reliance will continue to take over future stores even as talks continue.
The newspaper ads aimed to alert all parties involved, including Future’s lenders, that transferring assets to Reliance is prohibited by law, the source added.
Mukesh Ambani’s Reliance Industries and US giant Amazon have been vying to get the upper hand in one of the world’s fastest-growing retail markets IN India. This is the reason why, for more than a year, Amazon.com Inc and Future Group have been locked in a complex legal stand-off that has stalled Future’s $3.4 billion sales of assets to rival Reliance Industries.
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