Bengaluru: Amazon.com Inc. has filed a petition in an Indian court seeking detention of Future Group’s founder and seizure of assets for violating an arbitration court’s order that temporarily halted the sale of its retail operations to Reliance Industries Ltd., people with knowledge of the matter said.
The Delhi High Court will hear the matter on Jan. 28. Besides seeking prison for tycoon Kishore Biyani, the e-commerce giant wants enforcement of the Singapore arbitrator’s ruling in October against the $3.5 billion deal, the people said, asking not to be identified citing rules on speaking to the media.
The Jeff Bezos-led American firm, in its petition, alleged deliberate and wilful disobedience of the order temporarily restraining the Future Group from going ahead with the sale, the people familiar said. It also wants the court to issue an injunction stopping the deal. Representatives for Amazon in India and the Future Group declined to comment on the petition.
The cash strapped Indian retailer, which says it would collapse should the deal with billionaire Mukesh Ambani’s conglomerate fail, is essentially caught between two of the world’s richest men as they compete for dominance in India’s estimated $1 trillion consumer retail market. The new petition marks further escalation in what’s already a fierce legal wrangle across courtrooms in two countries.
Going all out
Amazon, which owns a minority stake in one of Future Group’s firms, has accused the Indian retailer of violating a contract when it agreed to sell its retail assets to Reliance. Both Reliance and Future have in the past expressed their commitment to the deal.
The latest petition signals that Amazon is going all out after writing letters to India’s market and antitrust regulators in a bid to block the deal. Despite Amazon’s objections, the antitrust regulator gave its approval in November. Last week, India’s oldest exchange BSE Ltd. sent a letter saying it has no ‘adverse observations’ to certain matters regarding Future’s deal with Reliance.
Future Retail had petitioned the same Indian court in November urging it to bar Amazon from meddling in its asset sale by writing to local regulators. During court arguments at that time, Future lawyers cast it as a troubled Indian retailer that was being driven to bankruptcy by a global giant while Amazon hinted the spat was about India’s willingness to enforce business contracts.
High stakes
The stakes are high for the two billionaires. For Amazon’s Bezos, who lost the retail battle in China, India is the last billion-people-plus market that can boost his company’s growth. Blocking Reliance is key as it’s already the country’s biggest brick-and-mortar retailer.
Acquiring Future’s retail, wholesale, logistics and warehousing units would almost double Reliance’s footprint and give it unparalleled edge over rivals — an advantage Amazon is not willing to cede. Reliance, with its plans to take on Amazon and Walmart Inc.’s Flipkart in online retail, isn’t willing to back off either.- Bloomberg
Also read: How Mukesh Ambani vs Jeff Bezos is becoming Vocal for Local, East India Co, Atmanirbhar battle
Ant size investment, Done by amazon in future group company, conquering the elephant size company treasury.
Ant size Investment done by amazon In future group company n conquering the elephant size company treasury.
ANT SIZE INVESTMENT BY AMAZON,
IN FUTURE GROUP, N TARGETING TO BUY ELEPHANT SIZE INVESTMENTS,
‘AMAZON’ MAIN AJENDA IS TO KILL ALL SMALL RETAILERS OF INDIA,
BY GIVING HUGE DISCOUNT N SPOLING THE MARKET PRICING,
N SHOWING GOVT HUGE LOSSES
FOR MANY YEARS N KILLING THE 70 CRORE POPULATION OF INDIA ,
N THIS 70 CRORE POPULATION IS TOTALY DEPEND ON 9 CRORE RETAILERS OF INDIA ,
LIKE FAMILY MEMBERS STAFF
HOUSE WORKING STAFF
SMALL BANK TRANSPORTATIONS KULI TEMPLES
TRUST PEOPLE
ROAD SIDE POOR PEOPLE
SMALL MANUFACTURERS
MIDDLE AGENTS
THESE PEOPLE R DEPEND ON 9 CRORE RETAILERS OF INDIA
WHO R BACK BONE OF INDIA DONT TRY TO KILL THEM
INDIAN COMPANIES R BELONG TO INDIAN PEOPLE
RELIANCE IS A SUCH COMPANY WHO GIVES MAXIMUM BENIFITS TO INDIAN CITIZEN N GOVT OF INDIA
NOT U
U BETTER UNDERSTAND
EVERY INDIAN COMPANIES R OUR SENTIMENTS
ITS BELONG TO US NOT ONLY COMPANIES THE LAND
WATER
AIR N MANY MORE
it is humble request to Use TATA CLIQ service.
In such an interesting battle for control why not allow the two billionaires be allowed to bid for controlling interest. The best bidder wins the deal. No loss or grievances to any. Win win situation for all.
BoycottAmazon
#BoycottAmazon
AMAZON THINKS NO END OF ITSELF. JUST BECAUSE YOU INDIRECTLY OWN 3% OF A COMPANY DOES’NT MEAN THAT YOU CAN SCREW OVER THE SHAREHOLDERS, EMPLOYEES, AND SO MANY OTHER STAKEHOLDERS OF FUTURE RETAIL. AMAZON DELIBERATELY IGNORED FRL TO MAKE IT LANGUISH AND DIE, SO THAT IT CAN BUY ASSETS WORTH CRORES FOR MERE FEW RUPEES. GOVERNMENT MUST TAKE COGNIZANCE OF AMAZON’S MALICIOUS AND ANTI COMPETITIVE BEHAVIOR.
Kick out Amazon from Indian Market
Singapore Private Arbitration court of mega corporate cartels has no power over any sovereign nation or its judiciary. Bezos company should be shut down & he should be locked up for challenging national judicial sovereignty using a private arbitration that works for big firms.
Singapore Private Arbitration court of mega corporate cartels has no power over any sovereign nation or its judiciary. Bezos company should be shut down & he should be locked up for challenging national judicial sovereignty using a private arbitration that works for big firms.
This is so unfortunate. A company and employees who are in a need of a new owner is being blocked by a competitor.
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