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.
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SEBI probe concluded that purported loans and fund transfers were paid back in full and did not amount to deceptive market practices or unreported related party transactions.
While the IAF remains committed to the Tejas programme and has placed orders for 180 Tejas Mk1A, the force is eagerly waiting for the Tejas Mk 2 version.
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