NEW DELHI: The Supreme Court on Wednesday allowed resumption of the arbitration proceedings initiated by Amazon in Singapore in its dispute with Future Group over the latter’s proposed Rs 24,713-crore asset sale deal with the Reliance Group of Mukesh Ambani.
This comes as the two parties could not reach a settlement through negotiation talks ordered by the Apex Court. A division bench of Delhi High Court had in January stayed the arbitration proceedings between Amazon and Future group before the international tribunal
The Future Retails senior counsel Harish Salve had told the Supreme Court on Tuesday that his client is broke and Amazon has driven it to its knees. He told a Bench headed by Chief Justice N V Ramana that nothing has been transferred and the rent for the shops have not been paid for over two years.
“We had no money, which is what we have been telling all forums. Landlords are terminating our leases.” he said in response to senior advocate Gopal Subramanium representing Amazonasserting that the Reliance is taking over Future Retail stores despite the highest court directing that no assets will be transferred. “It has been recorded and during pendency the orders have been flouted,” Subramanium said.
Salve said the shops’ takeover by Reliance started 15 days ago. “We have no no control. Reliance is taking action despite the ongoing litigation. Reliance is taking over. We can’t do anything,” he submitted.
He said not even one store has been surrendered by Future. Reliance took away the store boards as they are entitled to, but all our assets are where they are. Senior advocate Mukul Rohatgi, appearing for Future Coupons, said the shops are all there. “What is the point of saying they have been taken over?”
The bench said, “Proceedings are going on and everything is happening. We’re getting a feeling that by adjourning matter, we’re being lenient.” Subramanium said: “Let us go back to the tribunal…80 per cent shops surrendered to Reliance.”
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