Reliance – Amazon wins in Future Group case .. Mukesh Ambani suffers setback ..!
Amazon, a leading US ecommerce company, has filed a lawsuit not only in an Indian court but also in an international arbitration tribunal in Singapore, seeking to ban the Reliance Retail-Future Group merger deal, which is seen as the largest trade deal in the Indian retail market.
Future Group has filed a case in the Delhi High Court challenging the ruling of the International Criminal Court (ICC) in favor of Amazon, saying the ruling was invalid and should not be enforced in India.
Amazon wins
The Supreme Court has ruled that Indian law allows the adoption and enforcement of the judgment of the Singapore International Arbitration Tribunal in today’s hearing of the case.
The ruling is seen as a huge success for Amazon, while Mukesh Ambani’s biggest retail dream is a major stumbling block.
Mukesh Ambani
Knowing that Future Group’s business and stores will be crucial to achieving Mukesh Ambani’s big retail business dream, Amazon has agreed to acquire the company’s shares and business for around Rs 24,731 crore, despite knowing that it has invested in the company with various restrictions.
Reliance Industries – Amazon
Amazon, which plans to dominate the Indian retail market like Reliance Industries, has won a lawsuit seeking a ban on the deal between Reliance Retail and Future Group. In this case, the whole retail market is waiting for what is going to happen between Amazon – Future Group – Reliance Retail.
Delhi High Court
The bench headed by Justice Nariman and Kawai, which heard the case of Future Group and Amazon in the Delhi High Court, after hearing the arguments of Harish Salve on behalf of Future Group and Gopal Subramaniam on behalf of Amazon, granted leave to accept and enforce the judgment of the Singapore International Arbitration Tribunal under the Indian law. .
Judgment of the International Arbitration Tribunal
This problem, which has been going on for months, is now over. The key issue was whether to accept the decision of the Singapore International Arbitration Board and allow Reliance Retail-Future Group not to be banned. The lawsuit has been pending for months, with Amazon and Future Group continuing to appeal.
What is the Future Group plan?
It is expected that Future Group will not be able to settle the matter soon as the Future Group is likely to appeal to the Singapore International Arbitration Board as it is currently being settled.
Amazon – Future Group
Amazon had invested about Rs 49 crore in Future Coupons while Future Group was in debt and made about Rs 9.82 crore. Amazon has imposed some restrictions on the acquisition of a large share of the company’s shares and business over the next 5 to 10 years.
Fellow competing company
Despite all this, Future Group is currently suing Amazon because its business and shares are being sold to Amazon’s rival.