Banks act against Future Retail for missing payments
2 years, 10 months ago

Banks act against Future Retail for missing payments

The Hindu  

Lenders to Future Retail have started classifying loans to the firm as a ‘non-performing asset’ after the retailer missed payments to the banks, they told the Supreme Court in a filing. Citing its dispute with Amazon, FRL last month challenged its lenders in the top court to avoid facing insolvency proceedings or being classified as a defaulter, after it missed making certain payments on its loans. Future has failed to complete its $3.4 billion retail assetsale as Amazon has successfully argued before legal forums thatthe Indian retail giant violated certain non-compete contractualterms the two sides had. Future has told Indian stock exchanges it was unable to pay35 billion rupees it owed to its lenders on Dec.31 as it could not sell certain small stores amid the row withAmazon.

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History of this topic

RIL among 16 interested in Future Retail’s IBC assets
2 years, 1 month ago

RIL among 16 interested in Future Retail’s IBC assets

Live Mint  

MUMBAI : Mukesh Ambani’s Reliance Industries is among 16 suitors who have submitted expressions of interest to take over Future Retail Ltd, a person aware of the development said. On 29 August 2020, Reliance Industries announced a ₹24,713-crore deal that involved the proposed sale of Future Group’s retail, wholesale, logistics and warehousing businesses. According to the invitation for EoIs, Future …

Bid deadline for India’s Future Retail extended due to low interest: Report
2 years, 2 months ago

Bid deadline for India’s Future Retail extended due to low interest: Report

Live Mint  

The resolution professional for India's debt-laden Future Retail Ltd has extended the deadline for potential buyers to submit their bids for the retailer, due to tepid interest, two banking sources said on Friday. Future Retail's RP did not immediately respond to an email seeking comment. Future Group's flagship retail unit, Future Retail was once the country's second-largest retailer but has …

NCLAT Endorses CCI's Penalty Order Against Amazon: A Setback For Amazon And A Leap In Jurisprudence
2 years, 5 months ago

NCLAT Endorses CCI's Penalty Order Against Amazon: A Setback For Amazon And A Leap In Jurisprudence

Live Law  

The National Company Law Appellate Tribunal vide its order dated June 13, 2022, has upheld the order of the Competition Commission of India against Amazon, where the CCI penalized the latter for giving false and misleading information in the notice and suppressing material facts relating to the actual scope and purpose of the acquisition of Future group companies. Subsequently, the …

Amazon's petition against Future rejected; directs to deposit over Rs 200 cr penalty in 45 days
2 years, 6 months ago

Amazon's petition against Future rejected; directs to deposit over Rs 200 cr penalty in 45 days

Firstpost  

In December last year, the Competition Commission of India suspended the approval given by it in 2019, for Amazon’s deal to acquire a 49 per cent stake in Future Coupons Pvt Ltd New Delhi: The National Company Law Appellate Tribunal on Monday rejected Amazon’s plea challenging the decision of fair trade regulator CCI to suspend the approval for the e-commerce …

Amazon & Future Retail Agree In Supreme Court To Appear Before Singapore Arbitration Tribunal
2 years, 8 months ago

Amazon & Future Retail Agree In Supreme Court To Appear Before Singapore Arbitration Tribunal

Live Law  

Amazon and Future Retail Ltd on Monday expressed their agreement before the Supreme Court to appear before the Singapore Arbitration Tribunal. The development happened in the special leave petition filed by Amazon challenging the Delhi High Court's order which stayed the arbitration proceedings on a challenge made by FRL. Background: The Apex Court was hearing a special leave petition filed …

Future Group Colluding With Reliance To Handover Stores, Amazon Alleges Before Supreme Court
2 years, 8 months ago

Future Group Colluding With Reliance To Handover Stores, Amazon Alleges Before Supreme Court

Live Law  

Seeking orders to restrain Future Retail Limited from alienating its assets, e-commerce giant Amazon submitted before the Supreme Court that the FRL was acting in collusion with Reliance so to let the latter take over the former's stores in violation of the injunction orders. Amazon's Notice: Amazon has also issued a public notice alleging that Future Group is on the …

Banks to take Future to debt recovery tribunal
2 years, 9 months ago

Banks to take Future to debt recovery tribunal

Live Mint  

MUMBAI : Lenders to Future Retail Ltd have abandoned plans to sue the company for the unapproved transfer of hundreds of its stores to Reliance Retail, two bankers aware of the plans said, adding that they will enforce their rights through the debt recovery tribunal and bankruptcy tribunal instead. The bankers cited above said procedures to take Future Retail to …

Amazon vs Reliance: Future of retail supremacy in India hangs in balance
2 years, 9 months ago

Amazon vs Reliance: Future of retail supremacy in India hangs in balance

India Today  

Amazon and Future group have been locked in a complex legal stand-off for more than a year now. AMAZON TO SUPREME COURT Amazon has apprehended the "disappearance” of assets and sought an interim order from the Supreme Court to ensure the preservation of assets of Future Retail Ltd besides resumption of arbitration over FRL’s merger deal with Reliance Retail. A …

'Can't Stop Reliance Taking Over Stores As We're Broke' : Future Retail Tells Supreme Court In Amazon's Case
2 years, 9 months ago

'Can't Stop Reliance Taking Over Stores As We're Broke' : Future Retail Tells Supreme Court In Amazon's Case

Live Law  

"We've been saying from day one that Amazon is driving us to our knees, they have done it, we're broke. Senior Advocate Harish Salve appearing for Future Retail Limited made the submission before a Bench comprising the Chief Justice of India NV Ramana, Justice AS Bopanna and Justice Hima Kohli. The submission came in response to the contention put forth …

Amazon slams Reliance takeover of Future stores as 'fraud' in newspaper ads
2 years, 9 months ago

Amazon slams Reliance takeover of Future stores as 'fraud' in newspaper ads

Hindustan Times  

Amazon.com Inc has gone on the attack in its bitter dispute with two retailers, accusing them of fraud in newspaper ads on Tuesday after Reliance Industries suddenly took over many of Future Retail stores. Amazon's public outcry comes even though on March 3 it offered to hold talks. Amazon has been contesting the planned $3.4 billion sale of Future Group's …

Amazon Plans To File Criminal Case Against Future Over Store Transfers To Reliance, Says Report
2 years, 9 months ago

Amazon Plans To File Criminal Case Against Future Over Store Transfers To Reliance, Says Report

ABP News  

New Delhi: US e-commerce giant Amazon Inc plans to start criminal proceedings against its Indian partner Future Retail this week for allowing transfer of assets to Reliance Industries despite a legal prohibition, quoting sources Reuters reported on Thursday. Amazon and Future Group have been tangled in a legal impasse for over a year that has stalled the Indian firm’s $3.4-billion …

Approach HC to go ahead with NCLT proceedings: SC to FRL
2 years, 10 months ago

Approach HC to go ahead with NCLT proceedings: SC to FRL

Hindustan Times  

The Supreme Court on Tuesday asked Future Group to approach the Delhi high court with its plea seeking continuation of proceedings before the National Company Law Tribunal to get final approval for the proposed $3.4 billion sale of its retail assets to Reliance. The top court refrained from examining the rival contentions of Future and Amazon on the aspect of …

Future Retail Lenders Move Supreme Court, Call For Its Assets To Be Put Up For Auction
2 years, 10 months ago

Future Retail Lenders Move Supreme Court, Call For Its Assets To Be Put Up For Auction

ABP News  

New Delhi: Future Retail lenders have moved Supreme Court and said that the assets of retail firm should be put up for auction after it missed payments. According to Reuters, lenders have already classified or begun classifying the loan account of Future Retail as an NPA since the payment was not made within the stipulated time, the lenders mentioned in …

Lenders to Future Retail call for its assets to be put up for auction
2 years, 10 months ago

Lenders to Future Retail call for its assets to be put up for auction

Live Mint  

Lenders to Future Retail, the company being fought over by Reliance Industries and Amazon.com Inc, have told India's Supreme Court that its assets should be put up for auction after it missed payments. "Let it be subjected to an open bid.This is the only solution," Rakesh Dwivedi, a lawyer acting for 30 or so of Future's lenders, told the Supreme …

Supreme Court Refuses To Pass Interim Order Against Banks In Future Retail's Plea To Defer Loan Default Actions
2 years, 10 months ago

Supreme Court Refuses To Pass Interim Order Against Banks In Future Retail's Plea To Defer Loan Default Actions

Live Law  

The Supreme Court of India on Thursday refused to pass any interim order to restrain coercive steps by the consortium of banks against Future Retail Ltd over loan defaults.A bench comprising Chief Justice of India NV Ramana, Justice AS Bopanna and Justice Hima Kohli adjourned the writ petition filed by FRL without passing any interim order against the banks.The writ …

Banks act against Future Retail for missing payments
2 years, 10 months ago

Banks act against Future Retail for missing payments

Live Mint  

Lenders to India's Future Retail have started classifying loans to the retailer as a "non-performing asset" after the company missed payments to the banks, they told the country's Supreme Court in a filing seen by Reuters. Citing its dispute with Amazon, Future last month challenged its lenders in the top court to avoid facing insolvency proceedings or being classified as …

Supreme Court Seeks Banks' Response To Future Retail's Plea To Defer Coercive Steps Over Loan Default
2 years, 10 months ago

Supreme Court Seeks Banks' Response To Future Retail's Plea To Defer Coercive Steps Over Loan Default

Live Law  

The Supreme Court of India on Tuesday directed the consortium of 27 banks to file an affidavit in response to the writ petition filed by Future Retail Ltd seeking the deferral of coercive actions over loan defaults.A Bench comprising the Chief Justice of India NV Ramana, Justice AS Bopanna and Justice Hima Kohli also asked FRL to serve copy to …

In latest twist, India’s Future Group challenges lenders in court
2 years, 10 months ago

In latest twist, India’s Future Group challenges lenders in court

Al Jazeera  

It’s asking India’s top court to order its lenders and central bank to give it more time, not classify it as a defaulter. Indian retailer Future Group is challenging its lenders in the Supreme Court to avoid facing insolvency proceedings over missing payments, citing its dispute with partner Amazon.com Inc, according to a legal filing reviewed by Reuters. Future, the …

Decoding the multilayered Amazon-Future-Reliance legal drama
2 years, 11 months ago

Decoding the multilayered Amazon-Future-Reliance legal drama

Hindustan Times  

New Delhi: US-e-commerce giant Amazon and India’s Reliance Industries have been locked in a fierce battle for the future -- almost literally. The Delhi high court Future Group went to the Delhi high court against Amazon, imploring the court to restrain the US-based e-commerce major from writing to Sebi, CCI, and other regulators about SIAC’s order. While the arguments before …

Shares in Future Group firms fall as court dismisses appeal
2 years, 11 months ago

Shares in Future Group firms fall as court dismisses appeal

Al Jazeera  

Shares in Future Group companies have fallen a day after an Indian court dismissed Future Retail’s appeal to declare arbitration proceedings with now-estranged partner Amazon.com Inc as illegal. Amazon had successfully for months used the terms of its $200m investment in Future in 2019 to block the Kishore Biyani-owned company’s attempt to sell retail assets to Reliance, until the antitrust …

HC junks Future’s plea on arbitration with Amazon
2 years, 11 months ago

HC junks Future’s plea on arbitration with Amazon

The Hindu  

The Delhi High Court on Tuesday dismissed pleas by Future Group companies to direct the arbitration tribunal adjudicating on Amazon’s objections against their deal with Reliance, to decide on their termination applications first before continuing with the arbitration proceedings. Justice Amit Bansal noted the grievance of the Future Group was that in terms of the December 2021 orders of the …

Future Retail Employees Ask SC to Sell Its Retail Assets, Rule Against Amazon
3 years, 1 month ago

Future Retail Employees Ask SC to Sell Its Retail Assets, Rule Against Amazon

News 18  

Employees of India’s Future Retail have asked the Supreme Court to allow the company to sell its retail assets and rule against Amazon.com Inc in an ongoing dispute, citing risks to 27,000 jobs, according to a legal filing seen by Reuters. Future has failed to close its $3.4 billion deal to sell its retail assets to market leader Reliance Industries …

Future discloses new documents to bolster case against Amazon deal
3 years, 1 month ago

Future discloses new documents to bolster case against Amazon deal

Live Mint  

Independent directors at India's Future Retail have disclosed new documents in a letter to the country's antitrust watchdog aiming to bolster their case against Amazon.com Inc as they seek to revoke a 2019 deal between the two companies. A 160-page stock exchange filing on Sunday showed the directors reviewed records related to the 2019 deal between a group unit, Future …

Future asks Delhi court to quash Singapore panel’s block on RIL deal
3 years, 1 month ago

Future asks Delhi court to quash Singapore panel’s block on RIL deal

Live Mint  

New Delhi: India's Future Retail has asked a Delhi court to quash a decision by a Singapore arbitration panel that has kept the $3.4 billion sale of Future's retail assets in limbo while the panel hears objections from Amazon.com Inc. Amazon has mounted legal challenges against Future's planned asset sale to market leader Reliance Industries since last year, accusing the …

Amazon-FRL Dispute : Future Coupons Move Supreme Court Against Delhi HC Single Bench Order Attaching Assets
3 years, 4 months ago

Amazon-FRL Dispute : Future Coupons Move Supreme Court Against Delhi HC Single Bench Order Attaching Assets

Live Law  

After a setback, Future Group firm Future Coupons Private Ltd moved the Supreme Court on August 12, seeking a stay against the order passed by the single bench of the Delhi High Court that directed attachment of assets of Future Coupons, Future Retail, Future Group Promote Kishore Biyani's assets and issued a show-cause notice for Civil Arrest of Biyani and …

E-Tail struggle: The Amazon-Future Retail court battle intensifies
3 years, 9 months ago

E-Tail struggle: The Amazon-Future Retail court battle intensifies

India Today  

The legal battle between e-tail major Amazon and the Kishore Biyani-led Future Retail over the latter’s sale of assets to Reliance Retail has intensified. Just days after a single bench of the Delhi High Court said on March 18 that Future Retail, Future Coupons, Kishore Biyani and others had violated an emergency award by the Singapore International Arbitration Centre in …

Future Group creditors scramble to recover $2.5 billion loans
3 years, 10 months ago

Future Group creditors scramble to recover $2.5 billion loans

Hindustan Times  

Future Group's creditors are exploring options to recover more than $2.5 billion in loans, amid worries the Indian retailer's planned sale of assets to Reliance Industries could fail, four bankers with knowledge of the matter said. Future may face liquidation if the deal, already mired in legal wrangling, falls through and banks are actively discussing an alternate one-time restructuring option …

Amazon-Future tussle: Here's all you need to know
3 years, 10 months ago

Amazon-Future tussle: Here's all you need to know

Hindustan Times  

India's retail giant Kishore Biyani's Future Retail is stuck in a long-standing tussle with the US tech giant Amazon. Amazon has been blocking a deal worth $3.4 billion between Future Group and Reliance Retail alleging that the transaction between the two Indian majors violates the terms of its earlier contract with Future. > Amid the unprecedented challenges of Covid-19, Future …

Setback for Future Group as Delhi HC halts RIL deal
3 years, 10 months ago

Setback for Future Group as Delhi HC halts RIL deal

Hindustan Times  

The Delhi high court on Tuesday put the brakes on Future Retail Ltd’s $3.4 billion sale of its retail assets to Reliance Industries Ltd, acting on a petition by Amazon.com Inc, which has alleged that the deal was in violation of its own contract with Future. In an interim order, the court directed Future Retail to maintain status quo on …

Reliance Future Group deal: Amazon gets Indian court to block $3.3 billion retail deal involving Mukesh Ambani
3 years, 10 months ago

Reliance Future Group deal: Amazon gets Indian court to block $3.3 billion retail deal involving Mukesh Ambani

CNN  

CNN Business — Amazon has been handed a major legal victory in its fight to block a multibillion-dollar deal between two of India’s biggest retailers. In August 2019, Amazon invested in a Future Group entity that gave it a roughly 4.8% stake in Future Retail as of September 30 last year, according to securities filings. Amazon argued that the 2019 …

Future Retail has requested a tribunal to obtain key permission for its asset sale of $3.4 billion to Reliance Industries
3 years, 10 months ago

Future Retail has requested a tribunal to obtain key permission for its asset sale of $3.4 billion to Reliance Industries

Firstpost  

Future Retail moved an appeal to the National Company Law Tribunal requesting clearance for its arrangement with Reliance, the company’s legal representatives told the high court in Delhi. Last week, stock exchanges cleared Future’s deal with Reliance, but according to Indian law, another crucial approval is necessary from the National Company Law Tribunal. The legal battle ensuing between the companies …

Kishore Biyani sees quick OK of Future’s $3.4 billion deal despite Amazon dispute
3 years, 11 months ago

Kishore Biyani sees quick OK of Future’s $3.4 billion deal despite Amazon dispute

Live Mint  

India's Future Group expects swift regulatory approval of its $3.4 billion deal to sell its retail assets, its chief executive said, even as its warring business partner Amazon.com Inc intensifies efforts to block the deal. A New Delhi court in December dismissed Future's request to restrain Amazon's repeated attempts to get authorities to stall the deal. AMAZON PROTESTS The outcome …

RIL-Future Retail deal gets CCI okay
4 years, 1 month ago

RIL-Future Retail deal gets CCI okay

Live Mint  

The Competition Commission of India on Friday approved Future Retail Ltd’s asset sale to Reliance Industries Ltd, in a setback for Amazon.com Inc., which had approached the anti-trust watchdog to halt the ₹24,700 crore deal. “Commission approves acquisition of retail, wholesale, logistics and warehousing businesses of Future Group by Reliance Retail Ventures and Reliance Retail and Fashion Lifestyle,” CCI said …

CCI approves RIL, Future Retail deal
4 years, 1 month ago

CCI approves RIL, Future Retail deal

Hindustan Times  

The Competition Commission of India on Friday approved Future Retail Ltd’s asset sale to Reliance Industries Ltd, in a setback for Amazon.com Inc., which had approached the anti-trust watchdog to halt the ₹24,700 crore deal. The debt-ridden Future Group had agreed to sell various assets of Future Retail to Reliance for ₹24,713 crore in August. “Commission approves acquisition of retail, …

Amazon-Future Deal: Possible Case of Tail Wagging the Dog
4 years, 1 month ago

Amazon-Future Deal: Possible Case of Tail Wagging the Dog

News 18  

A controversial deal made by Amazon with an arm of Future group in August last year has put the US e-commerce giant at odds with both Future group founder Kishore Biyani and Reliance Retail, which acquired the assets of the troubled retailer in August this year. Here is how Amazon is trying to accomplish this feat: On August 12, 2019, …

Amazon Not Shareholder, No Say in Company Affairs: Future Retail Tells Delhi HC
4 years, 1 month ago

Amazon Not Shareholder, No Say in Company Affairs: Future Retail Tells Delhi HC

News 18  

Kishore Biyani-led Future Retail Ltd Thursday told the Delhi High Court that Amazon was not its shareholder and has no say in its affairs and the interim order passed by the Singapore International Arbitration Centre was of no value. The court had on November 10 sought response of Amazon on FRL's plea alleging that the e-commerce major was interfering in …

Amazon Accuses Future of Insider Trading as it Seeks to Block Reliance Deal
4 years, 1 month ago

Amazon Accuses Future of Insider Trading as it Seeks to Block Reliance Deal

News 18  

Amazon.com Inc has asked India's market regulator to investigate Future Retail Ltd for insider trading, a letter seen by Reuters showed, as it seeks to prevent its business partner from becoming part of rival Reliance's empire. The US giant has been pressing the Securities and Exchange Board of India to review Reliance's August deal to buy retail, logistics and other …

Why Amazon and Reliance are fighting for Future Retail in India
4 years, 1 month ago

Why Amazon and Reliance are fighting for Future Retail in India

CNN  

Hong Kong CNN Business — Two of the world’s richest men are duking it out over a brick-and-mortar retail chain on the verge of default. Amazon, the Seattle-based e-commerce firm owned by Jeff Bezos, is fighting a $3.3 billion deal struck between Mukesh Ambani’s Reliance Industries and the Indian retail conglomerate Future Group. Fitch Ratings downgraded Future Retail’s rating two …

Amazon set for face-off with Mukesh Ambani’s RIL for India retail dominance
4 years, 1 month ago

Amazon set for face-off with Mukesh Ambani’s RIL for India retail dominance

Live Mint  

Amazon.com Inc. and Mukesh Ambani’s Reliance Industries Ltd.’s fight for dominance of India’s lucrative e-commerce space is turning into a face-off, with both sides battling over the assets of a supermarket chain that could be key to their wider ambitions. Reliance intends to purchase Future Retail’s assets “without any delay,” the conglomerate’s unit said in a statement late Sunday, after …

Future Group Hints it May Challenge Arbitration Award Putting RIL Deal on Hold
4 years, 1 month ago

Future Group Hints it May Challenge Arbitration Award Putting RIL Deal on Hold

News 18  

Kishore Biyani-led Future Retail on Monday hinted that it may challenge the arbitration award from the Singapore-based arbitration center before Indian legal forums, to ensure that its Rs 24,713 crore deal proceeds unhindered and without any delay. Amazon.com Inc on Sunday won an interim award against its partner Future Group selling retail business to Reliance Industries Ltd for Rs 24,713 …

Singapore court halts Future-RIL retail deal
4 years, 1 month ago

Singapore court halts Future-RIL retail deal

Hindustan Times  

Amazon.com Inc. on Sunday secured interim relief in a Singapore arbitration court, stalling partner Future Group’s plan to sell its retail and wholesale assets to a unit of rival Reliance Industries Ltd for ₹24,713 crore. The e-commerce giant claimed that Future Group had violated an investment contract when it agreed to sell its retail assets to Reliance Retail Ventures Ltd. …

Amazon open to bailing out Future Group
4 years, 2 months ago

Amazon open to bailing out Future Group

Live Mint  

Amazon Inc. is open to helping debt-laden Future Group bring in a new, financially strong partner or investor if it calls off its ₹24,700 crore deal with Reliance Retail Ventures Ltd, said two people aware of the US e-commerce firm’s plans. “Future Group will be catering faster to RIL’s JioMart customers and not Amazon’s if the deal happens. In a …

Future-Reliance deal sparks arbitration case
4 years, 2 months ago

Future-Reliance deal sparks arbitration case

New Indian Express  

SIAC is a non-profit body that provides an alternative dispute resolution system for cross-border transactions involving foreign companies beyond the traditional forum of the courts. In 2019, Amazon agreed to pick up a 49 per cent stake in Future Coupons Ltd, which owns 7.3 per cent of Future Retail. That deal gave Amazon roughly 3.6 per cent in India's largest …

Amazon drags Future to Singapore arbitration
4 years, 2 months ago

Amazon drags Future to Singapore arbitration

Live Mint  

Bengaluru/Mumbai: Amazon Inc. has approached the Singapore International Arbitration Centre, claiming that Future Group has violated the contract under which the US-based e-commerce major took a stake in its subsidiary, and is asking for the deal with Reliance Industries Ltd to buy the Indian firm’s retail assets to be halted. Amazon agreed to purchase 49% of one of Future’s unlisted …

Kishore Biyani-led Future Retail pays up $14 million interest
4 years, 3 months ago

Kishore Biyani-led Future Retail pays up $14 million interest

Live Mint  

Kishore Biyani’s flagship company Future Retail Ltd, which runs the popular supermarket chain BigBazaar, on Monday said it has paid $14 million in pending interest on dollar bonds, after missing last month’s due date. “In furtherance to our letter dated 22 July 2020, wherein we had informed about the grace period of 30 days for making payment of interest on …

Future to pay missed interest by Monday
4 years, 4 months ago

Future to pay missed interest by Monday

Live Mint  

Kishore Biyani’s flagship company Future Retail Ltd, which runs the popular supermarket chain BigBazaar, is likely to pay interest on its dollar bonds by Monday, after missing the payment deadline nearly a month ago, two people aware of the development said requesting anonymity. On 22 July, Future Retail informed stock exchanges that it had missed paying $14 million interest due …

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