Future Group,the country's second largest retailer with over 1,700 stores, had agreed to sell its retail businesses to market leader Reliance last year
Future Retail appeals against status quo order passed by Delhi HC
February 03, 2021
Kishore Biyani, Group CEO, Future Group×
A single judge had passed an order in favour of Amazon blocking the Future Retail-Reliance deal
Future Retail Ltd has appealed against the status quo order passed by the Delhi High Court. On February 2, Justice JR Midha had passed an interim order in favour of Amazon blocking the Future Retail-Reliance deal.
Challenging the order, the Kishore Biyani-led Future Retail in its appeal said: “Admit the instant appeal and set aside the Impugned Order dated February 2, 2021, passed by the Ld. Single Judge.” A copy of the appeal has been reviewed by
Updated Feb 02, 2021 | 17:27 IST
The Singapore International Arbitration Centre (SIAC) on October 25 last year, had passed an interim order in favour of Amazon barring FRL from taking any step to dispose of or encumber its assets Future Retail turns down Delhi High Court s suggestion to engage in talks with Amazon
New Delhi: Kishore Biyani-led Future Retail on Tuesday turned down HC s suggestion to engage in talks with e-commerce giant Amazon. The company stated that they were not privy to contract with Amazon and that talks may create confusion. Amazon stated that it is willing to enter a purposive dialogue out of deference to the Indian legal system.
Amazon-Future Retail deal comes under ED scanner for FEMA violations
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Last Updated: Jan 28, 2021, 06:58 PM IST
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Synopsis
The Delhi High Court had last month observed that Amazon appeared to have indirectly obtained control over Future Retail without the approval of the government.
Amazon s attempt to control Future Retail through a conflation of agreements appears to be violative of FEMA’s FDI rules, according to the Delhi High Court.
New Delhi: A month after the Delhi High Court passed adverse remarks against Amazon.com Inc., the Enforcement Directorate (ED) has launched a probe against the Seattle, US-based e-commerce firm to investigate whether it violated the Foreign Exchange Management Act, 1999, (FEMA) in its deal with