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Supreme Court rules in favor of Amazon in Reliance–Future Retail case, upholds Singapore emergency arbitrator s award
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11 hours ago
In 2019, Amazon acquired a 49 percent stake in a promoter company called Future Coupons, and India’s competition regulator had approved the deal.
The Competition Commission of India (CCI) in a letter dated June 4 accused Amazon of concealing facts and making false submissions in 2019 when it sought approval for an investment in Future Coupons, Reuters reported on Wednesday.
This news comes two days after the Supreme Court began hearing arguments on the legal battle between Future Retail and Amazon. Amazon’s main argument in the case is that its 2019 deal to buy a 49% stake in Future Coupons has provisions that prevent Future Group from selling its Future Retail business to Reliance.
Supreme Court begins hearing Amazon vs Future Retail case
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Amazon.com Inc. has filed a petition in an Indian court seeking detention of Future Group s founder and seizure of assets for violating an arbitration court s order that temporarily halted the sale of its retail operations to Reliance Industries Ltd., people with knowledge of the matter said.
The Delhi High Court will hear the matter on Jan. 28. Besides seeking prison for tycoon Kishore Biyani, the e-commerce giant wants enforcement of the Singapore arbitrator s ruling in October against the $3.5 billion deal, the people said, asking not to be identified citing rules on speaking to the media.
The Jeff Bezos-led American firm, in its petition, alleged deliberate and wilful disobedience of the order temporarily restraining the Future Group from going ahead with the sale, the people familiar said. It also wants the court to issue an injunction stopping the deal. Representatives for Amazon in India and the Future Group declined to comment on the petition.