New Delhi: In a double win for heroine, ns Singapore International Arbitration Center (SIAC) has dismissed Future Retail’s plea to lift the interim stay on the sale of assets worth Rs 24,700 crore to Reliance Retail, the retail arm of the Mukesh Ambani-led conglomerate. Reliance Industries, said a person familiar with the development.
This follows the Singapore Tribunal’s decision to make Future Retail (FRL) an unlisted party to the dispute arising out of the agreement between Future Coupons (FCPL). Future Group Entity and Amazon.
Further, the US e-tailer has filed a petition in the Supreme Court urging it to quash the recent National Company Law Tribunal (NCLT) order that had granted Kishore Biyani-led Future Group its shareholders and interests. Permission was given to convene a meeting of creditors. for the consolidation of its institutions.
The meeting, to be held in the second week of November, is seen as the first step in the proposed sale of Future Group’s retail, warehousing and logistics assets. Mukesh AmbaniReliance Industries. Amazon, which is in legal trouble with Future Group, wants to stop the deal.
Future Retail originally approached SIAC with two arguments. It had satisfied that it was not a party to the agreement signed between Future Coupons and Amazon in 2019 through which the e-tailer pumped about Rs 1,400 into the FCPL. Secondly, FRL urged SIAC to lift the interim stay on the deal to sell its assets to Reliance Retail.
Amazon claimed that the investment gave it an indirect stake in the flagship Future Group company, which operates supermarket chain Big Bazaar, as FCPL holds about 10% stake in FRL.
The subsequent announcement of the sale of Future Group’s proposed assets to Reliance, however, drew the e-tailer to Big Bazaar parent SIAC in October last year, which gave Amazon an interim award on the Future-Reliance deal. Amazon alleged that Future Group violated contractual agreements because of the proposed deal with Reliance.
Spokesmen for Future Group and Amazon did not comment for this story. In a stock exchange filing, FRL said, “In addition to our earlier notice, we wish to inform that the Company’s advocates have received a notice from Amazon.com NV Investment Holdings LLC (advocates for “Amazon”). That Amazon has filed an interim application in SLP (Civil) No. 13556-13557 of 2021 filed by the company and is pending before the Hon’ble Supreme Court of India.”
This follows the Singapore Tribunal’s decision to make Future Retail (FRL) an unlisted party to the dispute arising out of the agreement between Future Coupons (FCPL). Future Group Entity and Amazon.
Further, the US e-tailer has filed a petition in the Supreme Court urging it to quash the recent National Company Law Tribunal (NCLT) order that had granted Kishore Biyani-led Future Group its shareholders and interests. Permission was given to convene a meeting of creditors. for the consolidation of its institutions.
The meeting, to be held in the second week of November, is seen as the first step in the proposed sale of Future Group’s retail, warehousing and logistics assets. Mukesh AmbaniReliance Industries. Amazon, which is in legal trouble with Future Group, wants to stop the deal.
Future Retail originally approached SIAC with two arguments. It had satisfied that it was not a party to the agreement signed between Future Coupons and Amazon in 2019 through which the e-tailer pumped about Rs 1,400 into the FCPL. Secondly, FRL urged SIAC to lift the interim stay on the deal to sell its assets to Reliance Retail.
Amazon claimed that the investment gave it an indirect stake in the flagship Future Group company, which operates supermarket chain Big Bazaar, as FCPL holds about 10% stake in FRL.
The subsequent announcement of the sale of Future Group’s proposed assets to Reliance, however, drew the e-tailer to Big Bazaar parent SIAC in October last year, which gave Amazon an interim award on the Future-Reliance deal. Amazon alleged that Future Group violated contractual agreements because of the proposed deal with Reliance.
Spokesmen for Future Group and Amazon did not comment for this story. In a stock exchange filing, FRL said, “In addition to our earlier notice, we wish to inform that the Company’s advocates have received a notice from Amazon.com NV Investment Holdings LLC (advocates for “Amazon”). That Amazon has filed an interim application in SLP (Civil) No. 13556-13557 of 2021 filed by the company and is pending before the Hon’ble Supreme Court of India.”
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