'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 on behalf of e-commerce giant Amazon that Future Retail is handing over its assets and stores to Reliance in violation of orders of the Arbitral Tribunal and the assurances made by it before the Apex Court. The matter will be taken up on 16th March Amazon's Notice: Amazon has also issued a public notice alleging that Future Group is on the verge of purportedly allowing handing over of the retail assets to Reliance in violation of orders of the Arbitral Tribunal and submissions made by it before the Supreme Court According to Amazon, FRL and its promoters made false submissions before the Supreme Court stating that the retail assets would continue to vest in FRL until the scheme of arrangement with Reliance was finally approved by the NCLT. Background: The bench comprising CJI NV Ramana, Justice AS Bopanna and Hima Kohli was hearing a special leave petition filed by Amazon against Delhi High Court's order staying further arbitration proceedings before the Singapore Tribunal against Future Group.

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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 …

Bank Of India V Future Retail: NCLT Mumbai Reserves Order On Amazon's Intervention Application
2 years, 5 months ago

Bank Of India V Future Retail: NCLT Mumbai Reserves Order On Amazon's Intervention Application

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising of Justice P.N. Deshmukh and Shri Shyam Babu Gautam, while adjudicating an intervention application filed by Amazon in Bank of India v Future Retail Ltd., has vide an order dated 27.06.2022 reserved the matter for orders on the intervention application. Brief introduction Future Retail Ltd. is the flagship company of the Kishore …

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 …

Reliance abandons plans to buy Indian retailer amid challenges
2 years, 7 months ago

Reliance abandons plans to buy Indian retailer amid challenges

Al Jazeera  

Reliance’s decision to back out comes after almost two years of litigation as Amazon contested the takeover. In a filing Saturday, Reliance Industries Ltd. said its proposal to acquire certain assets of Mumbai-based Future Group — which ran the nation’s biggest retail grocery chain before the pandemic struck — “cannot be implemented” after its flagship firm Future Retail Ltd. failed …

Amazon-Future Row: SC Orders Resumption Of Arbitration Over Future Retail Merger With RIL
2 years, 8 months ago

Amazon-Future Row: SC Orders Resumption Of Arbitration Over Future Retail Merger With RIL

ABP News  

New Delhi: The Supreme Court on Wednesday took note of the consent of US e-commerce major Amazon and Future group and ordered the resumption of arbitral proceedings before the SIAC tribunal over Future Retail's merger deal to the tune of Rs 24,500 crore with Reliance Retail Ltd. A bench comprising Chief Justice N V Ramana and Justices Krishna Murari and …

Supreme Court Disposes Amazon-Future Case As Parties Agree To Resume Singapore Arbitration Proceedings
2 years, 8 months ago

Supreme Court Disposes Amazon-Future Case As Parties Agree To Resume Singapore Arbitration Proceedings

Live Law  

The Supreme Court on Wednesday recorded the agreement between Amazon and Future Group to approach the Singapore Arbitration Tribunal to resume the arbitration proceedings on an understanding that the Tribunal will on priority hear Future Retail Ltd's application seeking termination of the arbitration proceedings instituted by Amazon against the FRL's merger with Reliance Group. Based on the agreement by parties …

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 …

'Dues of $634 million compelled' takeover of Future Retail, says Reliance
2 years, 8 months ago

'Dues of $634 million compelled' takeover of Future Retail, says Reliance

Hindustan Times  

India's top retailer, Reliance, has privately defended an abrupt takeover of the stores of debt-laden rival Future Retail, saying mounting dues of $634 million compelled it to act beyond expectations, a company letter shows. A woman wearing a Reliance JioMart vest instructs workers as they stock their products inside a Future Retail's closed Big Bazaar retail store in Mumbai. As …

Future Retail Plunges 16% In Two Days; Group Shares Hit All-Time Low
2 years, 9 months ago

Future Retail Plunges 16% In Two Days; Group Shares Hit All-Time Low

ABP News  

New Delhi: Future Group companies’ shares continued to remain under pressure on Monday as most of the group’s listed firms traded at their all-time low. Future Retail, Future Supply Chain, and Future Lifestyle Fashions hit their respective all-time low on the BSE in intra-day trade on Monday. As the company informed exchanges that the group has called for a meeting …

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 …

Amazon urges SC to halt RIL takeover of FRL stores
2 years, 9 months ago

Amazon urges SC to halt RIL takeover of FRL stores

Hindustan Times  

Talks between Amazon and the Future Group aimed at resolving their long-running legal battle over the latter’s proposed $3.4 billion sale of retail assets to Reliance Industries have failed, lawyers for the companies informed the Supreme Court on Tuesday. The bench then asked Harish Salve and Mukul Rohatgi, who appeared for FRL, if the attempt by Future is to make …

Amazon driving us to our knees, we're broke: Future Retail to Supreme Court
2 years, 9 months ago

Amazon driving us to our knees, we're broke: Future Retail to Supreme Court

India Today  

US e-commerce major Amazon told the Supreme Court on Tuesday that the talks with the Future Group to resolve the dispute over Future Retail's merger deal with Reliance Retail have failed and sought intervention to ensure that the stores of FRL are not taken over. The bench, also comprising justices A S Bopanna and Hima Kohli, is hearing Amazon's appeal …

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 …

Mukesh Ambani vs Amazon: How Reliance is winning game of thrones in Future retail dispute
2 years, 9 months ago

Mukesh Ambani vs Amazon: How Reliance is winning game of thrones in Future retail dispute

India Today  

Mukesh Ambani's Reliance Industries and US giant Amazon have been vying to get the upper hand in one of the world's fastest-growing retail markets, which is India. AMAZON-FUTURE DISPUTE AND RELIANCE In 2019, Amazon and Future, number two player in India behind market leader Reliance, became business partners when the US company invested $200 million in a unit of the …

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 …

Delhi High Court Commences Hearing In Amazon - Future Dispute
2 years, 9 months ago

Delhi High Court Commences Hearing In Amazon - Future Dispute

Live Law  

The Delhi High Court on Monday commenced hearing in a bunch of pleas pertaining to disputes between Amazon and Future Group, over the latter's deal with Reliance Retail.A single judge bench comprising of Justice C Hari Shankar is hearing a batch of petitions and appeals listed pursuant to the judgment dated 1st February, 2022 passed by the Supreme Court in …

Reliance takes control of around 200 Future Retail stores, offers jobs to employees
2 years, 9 months ago

Reliance takes control of around 200 Future Retail stores, offers jobs to employees

The Hindu  

Billionaire Mukesh Ambani's Reliance Industries Ltd. has taken over the operations of at least 200 stores of Future Retail and has offered jobs to its employees after the Kishore Biyani-led group failed to make lease payments to landlords, sources said on Saturday. Reliance Retail, the retail arm of the oil-to-telecom conglomerate, had in August 2020 agreed to take over the …

Reliance Takes Charge of Future
2 years, 9 months ago

Reliance Takes Charge of Future

News 18  

Reliance Industries has stepped in to rescue Future Retail Limited, taking over the operations of its stores and offering jobs to its employees, even as the Kishore Biyani-led group is locked in a bitter legal wrangle with e-commerce major Amazon at several judicial forums over the sale of its business to the retail arm of the oil-to-telecom conglomerate. In August …

Reliance takes control of Future Retail stores, including Big Bazaar
2 years, 9 months ago

Reliance takes control of Future Retail stores, including Big Bazaar

Hindustan Times  

Billionaire Mukesh Ambani's Reliance Industries Ltd has taken over the operations of at least 200 stores of Future Retail and has offered jobs to its employees after the Kishore Biyani-led group failed to make lease payments to landlords, sources said on Saturday. Mukesh Ambani Reliance Retail, the retail arm of the oil-to-telecom conglomerate, had in August 2020 agreed to take …

Future Retail-Reliance Merger: SC Allows Future Retail To Move HC To Seek Resumption Of NCLT Proceedings
2 years, 10 months ago

Future Retail-Reliance Merger: SC Allows Future Retail To Move HC To Seek Resumption Of NCLT Proceedings

ABP News  

New Delhi: In a crucial direction from the Supreme Court, Future Retail has been allowed to move Delhi High Court to seek permission for continuation of proceedings before the National Company Law Tribunal related to the sanction for its Rs 27,513-crore deal with Reliance Retail Ventures Ltd. A bench headed by Chief Justice N.V. Ramana and comprising Justices A S …

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 …

Amazon- Future Disputes: Delhi High Court To Commence Hearing On February 24
2 years, 10 months ago

Amazon- Future Disputes: Delhi High Court To Commence Hearing On February 24

Live Law  

The Delhi High Court on Friday said that it will commence hearing in a bunch of pleas pertaining to disputes between Amazon and Future Group, over the latter's deal with Reliance Retail, on February 24. Recently, the The Supreme Court had set aside the orders dated 02.02.2021 and 18.03.2021 passed by a single judge of the High Court ordering coercive …

Supreme Court issues notice to Future group on Amazon plea against Delhi HC stay
2 years, 10 months ago

Supreme Court issues notice to Future group on Amazon plea against Delhi HC stay

The Hindu  

The Supreme Court on Wednesday decided to consider a plea by e-commerce giant Amazon against a Delhi High Court stay on proceedings before a Singapore arbitral tribunal against Future group's ₹ 24,500 crore proposed deal with Reliance. The Hindu podcast | The battle between Reliance and Amazon for the Future of Indian retail A three-judge Bench led by Chief Justice …

FRL-Reliance merger: Supreme Court notice to Future group on plea of Amazon
2 years, 10 months ago

FRL-Reliance merger: Supreme Court notice to Future group on plea of Amazon

Deccan Chronicle  

New Delhi: The Supreme Court Wednesday sought a response from the Future group on Amazon's plea against the January 5 order of the Delhi High Court staying the ongoing arbitration proceedings before an arbitral tribunal over Future Retail's Rs 24,500-crore merger deal with Reliance. The Delhi High Court on January 5 had stayed the Amazon-Future arbitration which is going on …

Future v Amazon: "35,000 Jobs Will Be Saved, Banks Will Be Paid, No Shops Will Be Closed If Reliance Deal Goes Through" Future Group Lawyers To Supreme Court
2 years, 10 months ago

Future v Amazon: "35,000 Jobs Will Be Saved, Banks Will Be Paid, No Shops Will Be Closed If Reliance Deal Goes Through" Future Group Lawyers To Supreme Court

Live Law  

In the Amazon-Future case, the Future Group on Thursday submitted before the Supreme Court that if Future Retail Ltd's deal with the Reliance goes through, 35000 jobs will be saved, no shops will be closed, Banks will be paid out as well, and FRL's debt will be paid to the last rupee.Senior Advocate Harish Salve appearing for Future Retail was …

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 …

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 …

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 …

SC remands Amazon-Future dispute to Delhi HC for fresh consideration on merits
2 years, 10 months ago

SC remands Amazon-Future dispute to Delhi HC for fresh consideration on merits

The Hindu  

The Supreme Court on Tuesday remanded to the Delhi High Court the Amazon- Future group dispute, asking it to hear the case afresh on merits, uninfluenced by “any observations” made in orders passed in 2021. A three-judge Bench led by Chief Justice of India N.V. Ramana set aside three orders of the Delhi High Court passed last year, on February …

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 …

Refusing To Grant Interim Relief, NCLAT Admits The Amazon's Appeal Against CCI's Order
2 years, 11 months ago

Refusing To Grant Interim Relief, NCLAT Admits The Amazon's Appeal Against CCI's Order

Live Law  

The NCLAT Bench comprising of Justice M. Venugopal and Mr. V.P. refused to grant interim relief to Amazon against its plea challenging the order of the Competition Commission of India which suspended its deal with Future Coupons Pvt. Advocates with Mr. Pavan Bhushan, Ms. Ujwala Uppaluri, Ms. Hima Lawrence, Mr. Kaustubh Prakash, Mr. Vinay Tripathi, Ms. Bani Brar, Mr. Anand …

'Future Retail Will Sink With 30,000 Employees If Reliance Deal Doesn't Get Through' : Future Group Lawyers To Supreme Court In Case Against Amazon
2 years, 11 months ago

'Future Retail Will Sink With 30,000 Employees If Reliance Deal Doesn't Get Through' : Future Group Lawyers To Supreme Court In Case Against Amazon

Live Law  

In the Amazon-Future case, the Future Group on Tuesday submitted before the Supreme Court that being in a financially precarious situation, Future Retail Ltd will "sink with 30,000 employees losing their jobs" if the Rs 26,000 crores deal with the Reliance doesn't go through.Both FRL and Future Coupons Pvt Ltd argued that FRL should be allowed to go forward with …

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 …

Delhi High Court stays Amazon-Future arbitration over Reliance deal
2 years, 11 months ago

Delhi High Court stays Amazon-Future arbitration over Reliance deal

The Hindu  

The Delhi High Court on Wednesday stayed the Amazon-Future arbitration which is going on before a three-member arbitral tribunal over the latter's ₹24,500-crore deal with Reliance. The high court also stayed a single judge's January 4 order that had dismissed the Future Group's two pleas seeking a direction to the arbitration tribunal, adjudicating Amazon's objections against the former's deal with …

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 …

Delhi HC dismisses Future Group's plea for termination of Amazon arbitration
2 years, 11 months ago

Delhi HC dismisses Future Group's plea for termination of Amazon arbitration

India Today  

The Delhi High Court Tuesday dismissed two Future Group's pleas seeking a direction to the arbitration tribunal, adjudicating Amazon's objections against Future Group's deal with Reliance, to take a decision on their application for terminating the arbitration proceedings before moving any further. Amazon and Future have been locked in a bitter legal tussle after the US e-commerce giant dragged Future …

Delhi High Court Reserves Order On Plea By Future Group Challenging Orders Of Singapore Tribunal Refusing To Terminate Arbitration Proceedings
2 years, 11 months ago

Delhi High Court Reserves Order On Plea By Future Group Challenging Orders Of Singapore Tribunal Refusing To Terminate Arbitration Proceedings

Live Law  

The Delhi High Court will tomorrow pronounce orders on the plea filed by Future Group challenging the two orders passed by Singapore Arbitration Tribunal deferring hearing in it's plea seeking termination of arbitration proceedings after final hearing from January 5 to 8, 2022. Amazon invoked arbitration proceedings in Singapore to halt Future Retail's deal with the Reliance group. Background Justice …

Amazon challenges ED probe into 2019 deal with Future Group
3 years ago

Amazon challenges ED probe into 2019 deal with Future Group

India Today  

Amazon.com Inc is set to take the Enforcement Directorate to court over an ongoing investigation related to the US e-commerce giant’s 2019 deal with Future Group. On Wednesday, Amazon approached the Delhi High Court with an appeal to quash the ED investigation related to its $200 million investment in Future Coupons Private Limited. In the court filing, Amazon has called …

India’s Future Group’s shares surge on suspension of Amazon deal
3 years ago

India’s Future Group’s shares surge on suspension of Amazon deal

Al Jazeera  

Shares of India’s Future Group companies have surged about 20 percent after the country’s antitrust agency suspended Amazon.com Inc’s 2019 deal with the group, potentially making it easier for Reliance Retail to buy Future’s retail business. The shares soared on Monday after the regulator’s ruling on Friday that the US e-commerce giant suppressed information while seeking regulatory approval two years …

CCI slaps ₹200 crore fine on Amazon, freezes Future deal
3 years ago

CCI slaps ₹200 crore fine on Amazon, freezes Future deal

The Hindu  

The Competition Commission of India on Friday froze its approval given in November 2019 to Amazon’s investment in a Future Group unit on the grounds that the U.S. e-commerce company had suppressed the scope and full details of its investment while seeking regulatory approval. The CCI decision further roils the legal landscape as Amazon seeks to block the Future Group’s …

Amazon-Future Deal: CCI Suspends 2019 Future Coupon Nod, Imposes Rs 200 Cr Penalty on US Retailer
3 years ago

Amazon-Future Deal: CCI Suspends 2019 Future Coupon Nod, Imposes Rs 200 Cr Penalty on US Retailer

News 18  

The Competition Commission of India on Friday suspended Amazon’s 2019 deal with Future Group, a unit of Future Retail Ltd. CCI had mentioned in its order, “it necessary to examine the combination afresh.” “In exercise of the powers conferred under sub-section of Section 45 of the Act, the Commission hereby directs Amazon to give notice in Form II within a …

ED summons top management of Amazon and FCPL over their 2019 deal
3 years ago

ED summons top management of Amazon and FCPL over their 2019 deal

Op India  

The Enforcement Directorate has summoned the top management of Amazon Inc. and Future Coupons Pvt Ltd. for questioning and verification of documents in connection with their August 2019 deal. Amazon founded by Jeff Bezos has been opposing the proposed Rs 24,700 sale of assets of Future Retail to Mukesh Ambani led Reliance Industries Ltd, alleging breach of control. Amazon contested …

Amazon asks CCI to revoke Reliance-Future deal approval
3 years ago

Amazon asks CCI to revoke Reliance-Future deal approval

Live Mint  

Amazon has asked India's antitrust regulator to revoke its approval for Future Retail's $3.4 billion sale of retail assets to Reliance, saying it was "illegally obtained", violating an order suspending the deal, a letter seen by Reuters shows. The battle between two of the world's richest men, Amazon founder Jeff Bezos and Reliance Industries Ltd boss Mukesh Ambani, marks a …

Amazon seeks to pause antitrust review of 2019 deal with India's Future Group: Report
3 years ago

Amazon seeks to pause antitrust review of 2019 deal with India's Future Group: Report

India Today  

Amazon.com Inc has asked India's Supreme Court to pause an expedited review of allegations that the U.S. firm concealed information while seeking antitrust clearance for a 2019 deal with India's Future Group, legal papers seen by Reuters showed. The Competition Commission of India in June accused Amazon of concealing facts and making false submissions when it sought approval for the …

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