November 9, 2020
An Indian company said in a statement on Saturday that it had demanded that its partner Amazon.com Inc stop interfering with the $ 3.4 billion asset sale transaction in a court in New Delhi.
Amazon is trapped in a fierce legal dispute with Future Group, which sold its retail assets to Reliance Industries Limited, led by Mukesh Ambani in August. According to a US online retailer, the deal violates Future’s agreement in 2019.
Last month, Amazon won an injunction to suspend future trading with Reliance from a Singaporean arbitrator who both sides agreed to use in the event of a dispute. Future later stated that the order was not binding and urged Amazon to file a complaint with Indian market regulators.
The High Court of Delhi was asked on Saturday to prevent Amazon from “abusing” the arbitration order to interfere with the reliance transaction, Future said in a filing with the stock exchange.
The details of the appeal were not disclosed, but the filings made all entities part of the arbitration proceedings parties to the latest proceedings, but only sought relief from Amazon.
Amazon did not immediately respond to the request for comment.
The controversy is with Amazon, one of India’s leading retailers, Ambani, Asia’s wealthiest man, and his reliance group, which is rapidly expanding its e-commerce business and is Amazon’s potential rival. Tensions the relationship.
Amazon says the 2019 deal, which invested nearly $ 200 million in future units, included a provision that the Indian group could not sell retail assets to anyone on the “restricted people” list, including reliance. ..
Future said the deal with Reliance is important to save the sick retailer who was hit by the COVID-19 pandemic.
© Thomson Reuters 2020 All rights reserved.
Future retailers challenge Amazon in court over reliance contracts
Source link Future retailers challenge Amazon in court over reliance contracts