Future deal with reliance of 3.6 billion dollars is being questioned by amazon
Amazon has approached the Supreme Court seeking a halt to the $ 3.4 billion Future Group sale of real estate to Reliance Industries, a few days after the Delhi Supreme Court overturned a previous court ruling that barred the deal. The high court order was temporary and the next case will be heard on February 26.
The high court allowed proceedings before the Commission of India and the Securities and Exchange Board of India to proceed, a move against Amazon, which said once the matter was passed to regulators it would not be reversed.
Amazon in its application to the Supreme Court said the high court should have waited to receive detailed details of the bench of one judge before removing the bond from the agreement. Amazon alleges the future of breach of contract by agreeing to sell its merchandise to Reliance Industries last year. The future denies any wrongdoing. Amazon says the decision in October last year by a mediator in Singapore, who had signed a Future-Reliance agreement on hold, is enforceable under Indian law. The Supreme Court, however, had found that Future Retail was not part of the mediation agreement with Amazon and therefore the "corporate group" doctrine did not apply.
The doctrine of "corporate group" refers to a situation where an agreement signed by one company in the group also means that it includes other firms in the group that do not sign a contract. In its appeal, Amazon told the Supreme Court that the previous court had made an agreement that it must protect the interests of all parties until a decision is made in the dispute. The Jeff Bezos giant said that if Future and Reliance went ahead with the deal, it would be difficult to postpone it.
The controversy centered on Future's decision in August to sell its retailers, and other businesses to Reliance for $ 3.3 billion, including debt. Amazon says a separate 2019 agreement we had with the Future unit contains clauses that say the Indian company cannot sell its assets for sale on a list of companies, including Reliance.
Future, India's second-largest retailer with more than 1,700 stores,
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