The dispute between Kishore Biyani-controlled Future Group and US online retailing giant Amazon Inc. has reached the Supreme Court. Sources said that Amazon has approached the Supreme Court over its dispute with Future Group. Both Future Group and Amazon have not responded to queries about this till the time of writing the news.
In August last year, Future Group signed a deal to sell the majority of the business of Future Retail Limited (FRL) to Reliance Retail, a branch of Mukesh Ambani-controlled Reliance Industries Limited. The deal was done for Rs 24,713. Amazon challenged the deal with the Singapore-based Emergency Arbitral Tribunal. Amazon contended that in the year 2019, it had bought a 49 percent stake in Future Coupons Limited and in 10 years it will get priority in buying a stake in FRL.
Future Coupons Ltd holds a little over seven percent stake in FRL. The Emergency Arbitration Tribunal of Singapore upheld Amazon's favor in the case in October last year, following which the US company filed a petition in the Delhi High Court urging a stay on the deal. A single bench of the High Court gave this ruling in favor of Amazon, saying that Future Group and Reliance asked to maintain the status quo on the deal.
The single bench held that the decision of the Emergency Arbitration Tribunal is binding and can be appealed against. The bench has given the extension of February 26 to Amazon to present its case in the matter, from which day the matter is to be heard daily.