Setback to (FRL) Future Retail as Delhi HC rejects 'Ad-interim Plea'
29th October 2021, Mumbai:
As Delhi High Court (HC) rejects 'Ad-interim Plea' of (FRL) Future Retail, it only adds to group woes as it is struggling to put the deal on track since October 2020 seeking a stay of Emergency Arbitrator Order in Amazon-Future case.
It is contextual to state here that," Amazon India is contesting tooth & nail seeking to block the sale of Future Group's retail, wholesale, and logistics business to Reliance Industries Ltd for a deal consideration of Rs 24,713 crore for what group allegedly maintains is a breach of contracts making a strong argument that the 2019 envisaged deal it stitched with Future unit conspicuously contained clauses prohibiting the Future group from selling its retail assets outside to anyone on a "restricted persons" list that included Reliance.
Future and Amazon have been engaged in a bitter corporate legal battle with Amazon subsequently approaching the Singapore International Arbitration Centre (SIAC) contesting a big-ticket/ high stake deal between Future Retail and Reliance Retail in 2019.
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