Future group's Biyani says Amazon creating confusion, playing dog in the manger
3 years, 10 months ago

Future group's Biyani says Amazon creating confusion, playing dog in the manger

Hindustan Times  

Future Group promoter Kishore Biyani has alleged that Amazon is "playing the dog in the manger" and trying to create a confusion about the group's ₹24,713-crore deal with Reliance Industries. The development comes days after Amazon petitioned the Delhi High Court to block the Future Group from selling retail assets to Reliance Industries and sought detention of Biyani and family members. In a letter addressed to the Future Group employees, Biyani alleged that Amazon is running a concerted and coordinated media campaign and leaking misleading information. Since then, Amazon has also filed a petition in the Delhi High Court seeking detention of Future Group founders, including CEO Kishore Biyani, and seizure of their assets as it sought to block the Future-Reliance deal.

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History of this topic

‘Future promoters eroded ₹60,000 cr of public wealth’
1 year, 10 months ago

‘Future promoters eroded ₹60,000 cr of public wealth’

Live Mint  

Mumbai: InGovern Research Services, a proxy advisory firm, on Wednesday approached the Securities and Exchange Board of India seeking a forensic investigation of Future Group, which ran the erstwhile BigBazaar retail chain. In its letter to Sebi chief Madhabi Puri Buch, InGovern said a greater regulatory scrutiny is needed by the market regulator and the Reserve Bank of India as …

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 …

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 …

SC Agrees To Hear Amazon’s Appeal In Future Group Case On Feb 8
2 years, 10 months ago

SC Agrees To Hear Amazon’s Appeal In Future Group Case On Feb 8

ABP News  

New Delhi: In a recent development in the Amazon-Future Group case, the Supreme Court has agreed to hear an appeal by US e-commerce giant Amazon against the stay on arbitration order between the Future group and Amazon on February 8. On Tuesday, the SC had put aside the orders of the Delhi HC bench which also refused the arbitration that …

In latest twist, India’s Future Group challenges lenders in court
2 years, 11 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 …

'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 …

ED summons Amazon, Future Group executives in FEMA probe
3 years ago

ED summons Amazon, Future Group executives in FEMA probe

The Hindu  

The Enforcement Directorate has summoned senior executives of Amazon India, including its country head Amit Agarwal, and that of the Future group for questioning in a foreign exchange violation probe linked to the disputed deal between the two conglomerates, official sources said on November 28. Amazon India head Agarwal, some other senior officials of the company and those of the …

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 …

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 spends Rs 8,546 cr in legal expenses during 2018-20 to maintain presence in India: Report
3 years, 3 months ago

Amazon spends Rs 8,546 cr in legal expenses during 2018-20 to maintain presence in India: Report

Firstpost  

Amazon is locked in a legal tussle over the takeover of Future Group and is facing a probe by the Competition Commission of India. US e-commerce giant Amazon, which is said to be investigating alleged bribes paid by its legal representatives in India, spent a staggering Rs 8,546 crore or $1.2 billion in legal expenses for maintaining a presence in …

Future-RIL deal: Amazon flags Supreme Court’s ruling to SEBI
3 years, 3 months ago

Future-RIL deal: Amazon flags Supreme Court’s ruling to SEBI

The Hindu  

Amazon has written to SEBI requesting the regulator to direct stock exchanges to withdraw the ‘Observation Letters’ that were issued related to the proposed ₹24,713-crore Future-Reliance deal. The U.S. e-commerce giant has also urged SEBI to take necessary action to comply with the recent Supreme Court judgment related to the deal. “In light of the directions contained in the Enforcement …

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 …

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 …

Delhi HC ask if Amazon, Future open to resolve issue relating to Reliance deal
3 years, 10 months ago

Delhi HC ask if Amazon, Future open to resolve issue relating to Reliance deal

Hindustan Times  

The Delhi High Court Monday sought to know whether US-based e-commerce giant Amazon and Kishore Biyani led Future Retail Ltd were open to resolving the issue arising out of ₹24,713 crore deal between FRL and Reliance Retail. The court was hearing a plea by Amazon seeking direction to order enforcement of the award by Singapore's Emergency Arbitrator restraining FRL from …

Future-Reliance deal: Biyani says Amazon creating confusion, 'playing dog in the manger'
3 years, 10 months ago

Future-Reliance deal: Biyani says Amazon creating confusion, 'playing dog in the manger'

India TV News  

Future Group promoter Kishore Biyani has alleged that Amazon is "playing the dog in the manger" and trying to create a confusion about the group's Rs 24,713-crore deal with Reliance Industries. The development comes days after Amazon petitioned the Delhi High Court to block the Future Group from selling retail assets to Reliance Industries and sought detention of Biyani and …

HC issues notice on Amazon’s petition
3 years, 11 months ago

HC issues notice on Amazon’s petition

Live Mint  

The Delhi high court on Wednesday issued notices to Future Retail Ltd and others on Amazon.com Inc.’s appeal against a single-judge order that left it to regulators to decide on Future group’s asset sale to Reliance Industries Ltd but allowed the US retailer to oppose the deal. The court’s 21 December ruling prima facie upheld Future Retail’s board resolution approving …

Delhi high court notice to parties in Amazon case against Future-Reliance deal
3 years, 11 months ago

Delhi high court notice to parties in Amazon case against Future-Reliance deal

Live Mint  

NEW DELHI The Delhi High court on Wednesday issued notice to Future Retail and other respondents in Amazon’s appeal against the 21 December single-judge bench order that had upheld the Kishore Biyani company’s proposed merger with Reliance Retail Ventures. The single-judge benchhad prima facie held that the interim award by Singapore International Arbitration Centre in favour of Amazon was legal, …

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 …

Amazon was fully aware of talks with Reliance Industries for sale of retail assets: Kishore Biyani
3 years, 11 months ago

Amazon was fully aware of talks with Reliance Industries for sale of retail assets: Kishore Biyani

Live Mint  

Future Group founder and CEO Kishore Biyani on Tuesday said Amazon was fully aware of his group's talks with Reliance Industries for the sale of retail assets that followed the US giant offering no concrete help to tide over the cash crisis. Opening up after being locked in an intense legal battle with Amazon over the ₹24,713 crore deal with …

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 Seeks Control of Future Group's Assets Worth Rs 30K Cr with Rs 1,431 Cr Investment
4 years, 1 month ago

Amazon Seeks Control of Future Group's Assets Worth Rs 30K Cr with Rs 1,431 Cr Investment

News 18  

Amazon is seeking to control 100 per cent of FRL by controlling the entire Kishore Biyanis Groups majority equity in FRL, which means with an investment of Rs 1,431 crore, it seeks to control Future Groups assets worth about Rs 30,000 crore. Banks and financial institutions have an exposure in excess of Rs 18,000 crore towards unpaid debts from Future …

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 …

Future Retails Vs Amazon: 'Amazon Still Living In Days Of East India Co': Sr. Adv. Harish Salve Argues Before Delhi High Court
4 years, 1 month ago

Future Retails Vs Amazon: 'Amazon Still Living In Days Of East India Co': Sr. Adv. Harish Salve Argues Before Delhi High Court

Live Law  

1400 crores in a Rs. 25000-crore company, one cannot think that without their permission the company should not be allowed to come out of the woods in today's day and age – if one thinks this way, they are probably still living in the days of East India Company', asserted Senior Advocate Harish Salve before the Delhi High Court while …

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 …

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 …

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 …

Wait gets longer for lenders to Future
4 years, 2 months ago

Wait gets longer for lenders to Future

Live Mint  

Lenders to Future group may see $3 billion worth of loans turning sour because of a delay in the sale of the Kishore Biyani-led group’s assets to Reliance Industries Ltd after Amazon.com Inc. dragged its Indian partner to a Singapore arbitration court to halt the deal. While Future group firms owe close to ₹16,000 crore to a clutch of banks …

Future of Biyani-Reliance deal under Amazon cloud
4 years, 2 months ago

Future of Biyani-Reliance deal under Amazon cloud

Live Mint  

Amazon.com Inc.’s legal challenge to void Future Group’s ₹24,700 crore asset sale to Reliance Industries Ltd hinges on a clause in the e-commerce giant’s 2019 investment agreement in Future Coupons Ltd that explicitly bars the Kishore Biyani-led group from forging a pact with the Mukesh Ambani company, two people directly aware of the matter said. Amazon has hired law firm …

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, 4 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 …

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