Debt-laden Future Retail's offshore bondholders were promised 100% payment in the rescue offer from Ambani but Indian lenders were asked to take a haircut of as much as 66%.
Reliance’s decision to back out comes after almost two years of tortuous litigation in various courtrooms across India and Singapore that worsened the financial health of Future Group.
Ambani settled the dispute over who gets to own the assets of Future Retail not in an arbitration tribunal, or in a courtroom, but in a shopping aisle.
The apex court bench said the high court should consider the plea of Future Retail on the issue without being influenced by the observations made in its order.
Having already missed a 31 December deadline to lenders, Future has until the end of this month to come up with the money for the debt. But insiders say it won’t be able to do so.
An ordinary commercial dispute between Amazon and Future Retail founders shines a harsh light on the quality of legal and regulatory protection investors receive in India.
There is a prima facie case in favour of appellants Future Retail and Future Coupons and if a stay is not granted, it will cause an irreparable loss to them, the HC says.
A halt or termination of the arbitration case would be a setback for Amazon, which is in a race with Reliance to dominate India’s billion-plus consumer market.
Whether it is due to the alleged unofficial ban on The Bengal Files or allegations by Gopal Mukherjee’s family against Agnihotri, everyone in the state wants to know more about Mukherjee.
As devastated farmers begin to come to terms with the fallout, 4 lakh hectares of land under paddy cultivation across state is flooded. Punjab is among the biggest contributors to PDS.
New Delhi: Army chief General Upendra Dwivedi has strongly backed the idea of theaterisation, saying it is inevitable and the need of the hour.
Speaking...
In its toughest time in decades because of floods, Punjab would’ve expected PM Modi to visit. If he has the time for a Bihar tour, why not a short visit to next-door Punjab?
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