Amazon Seller Services reported its revenue for the financial year 2019-20 (FY20) at Rs 11,028 crore, a 42 per cent jump since the last financial year. The company further reported a net loss of Rs 5,849 crore during the same fiscal. This is a 3 per cent increase from the last financial year, according to regulatory documents sourced from business intelligence platform Tofler. The company’s total expenses for the fiscal were Rs 16,877 crore. The revenue was generated from areas such as web-based information technology-enabled services, business-to-business wholesale trading, and wholesale electronic equipments. “The company is confident of its future growth,” the firm said.
Air India s new owner may be allowed to trim fleet size, lay off staff The central government is likely to make it easier for the new owner of Air India (AI) to trim the national carrier’s fleet size by hiving off surplus aircraft lying grounded, even as the aviation sector waits for the pandemic’s vise-like grip to loosen. Since the skies are far from clear, the new owner will also be allowed to lay off employees, given their requirement will shrink with the reduction in the fleet size, said officials in the know.
Contract workers of listed companies may soon have stock benefits
The Delhi High Court on Monday refused to restrain Jeff Bezos-led Amazon from interfering in Kishore Biyani-headed Future Retail’s $3.4 billion deal with Mukesh Ambani-owned Reliance Retail by writing to statutory authorities. The order was pronounced by a Single Judge Bench of Justice Mukta Gupta in the suit by Future Retail Ltd after an Emergency Arbitrator of the Singapore International Arbitration Centre (SIAC) restrained Future Group from taking any steps in furtherance of the transaction with Reliance Retail, according to the information available on law platform Bar & Bench. “However, the court passed a neutral observation that the balance of convenience lay both in favour of FRL (Future Retail Ltd) and Amazon and also observed that the statutory authorities were free to form their own opinion as per law,” said Salman Waris, managing partner at technology law firm TechLegis Advocates and Solicitors, after doing an analysis of the development. “The Court opined tha
Synopsis
Last month, the Delhi HC had reserved order on an application by Kishore Biyani led Future Retail Ltd (FRL) seeking to injunct Amazon from interfering in the Rs 24,713 crore Reliance-Future deal on the basis of an interim order passed by the Singapore International Arbitration Centre (SIAC).
The Future Group and Amazon have been locked in a battle after the US-based company took FRL into an emergency arbitration over alleged breach of contract.
The Delhi High Court will give its verdict today on
Future Retail’s petition to restrain Amazon from writing letters to regulators against the retailer’s asset sale deal with Reliance Industries.
Walmart-owned Flipkart Internet Private Limited, which operates as an online shopping website, reported a 32 per cent jump in its revenues for the financial year 2019-20 (FY20) at Rs 6,318 crore as compared to the last financial year. The company further reported a net loss of Rs 1,937 crore during the same period. This is a 19 per cent increase from the previous financial year, showed regulatory documents sourced from business intelligence platform Tofler. The company’s total expenses during the period under consideration were at Rs 8,254 crore. The revenue of the company was mainly generated from e-commerce, IT-enabled services, marketplace and related support services. The majority chunk of the business comes from marketplace and logistic operations.