Retail-run group Future has alleged that American retail giant Amazon had sought $ 40 million compensation against its agreement to sell the business to Reliance Industries. Amazon has called the claim made by Future Group on Singapore’s five-decision platform false and misleading.
The Kishore Biyani-led Future Group, in a claim submitted before a bench of the Singapore International Arbitration Decision Center, said that Amazon had asked for $ 40 million (Rs 290 crore) in a telephonic conversation on its agreement with Reliance Industries. Had.
Future Group has also said that the American company Amazon had full knowledge of the Rs 24713 crore Future-Reliance Industries deal. But an Amazon spokesperson said the company found the Future Group’s claim to be untrue and misleading. The spokesman said that Future’s claim is dubious and it is an attempt to create public confusion at a time when Amazon has filed a special leave petition before the Supreme Court.
The spokesperson said that Amazon offered an equal amount of help to Future Retail Ltd at the time of its decline in business and was willing to negotiate with it while Future Group Group refused its offer. Significantly, in August 20019, an agreement was made to buy 49% stake of Future Coupons Limited, an unlisted company of Amazon Future Group. Future Coons holds a 7.3% stake in Future Group’s listed company Future Retail. Amazon had also signed an agreement with Future that it could also buy information details between 3 and 10 years.
On 29 August 2020, the Future Group in its contract announcement with Reliance, in which it had signed an agreement to sell its retail and wholesale business to Reliance Retail, said it had an agreement with Reliance Industries for Rs 24713 crore. Amazon challenged it against a one-member emergency bench at the Singapore International Arbitration Center in October 2020. Amazon alleged that it had disobeyed a contract with Reliance to sell the business with Reliance.
In an October 2020 statement in the Future Group Singapore Hearing match at Future Group, the statement stated that in August 2020, defendant Kishore Biyani, number three and Rakesh Biyani, number 8, and Abhijit Majumdar on behalf of Amazon.com NV Investment Holdings LLC In the talks between the plaintiff, Amazon demanded compensation of $ 40 million.
According to the case papers, Future Group has also said that Amazon’s claim that it was not aware of its agreement with Reliance was not correct. The document dated October 12, 2020, filed in the Singapore Forum, also mentions that Future Retail had stated in a public notice on August 29, 2020 that it had an agreement with Reliance. The group says that it had told the representatives of the claimant Amazon that it was in talks with Reliance.
Significantly, a one-member arbitration bench of the Singapore Center in an interim order on 25 October 2020 barred Future Retail from moving forward on the deal with Reliance. Future challenged this decision in the Delhi High Court. A single bench of the Delhi High Court ruled Future Retail against Future Retail, but on Future Retail’s appeal against that decision, a two-member bench of the court said that in relation to the acceptance of the agreement to the regulatory bodies of India in this case No decision can be stopped. Amazon has approached the High Court against the decision of the two-judge bench of the Delhi High Court.