Bengaluru, NFAPost: Amazon has been initially won the legal battle to stop Future Retail’s Rs 25,000 cr sale to Mukesh Ambani’s Reliance Retail, reports media sources from Singapore
Amazon has got a favourable interim ruling from the sole arbitrator in Singapore. This will put on hold the greater game plan of Future integration with Mukesh Ambani owned Reliance Retail.
The news sources quoted an Amazon spokesperson who said, “We welcome the award of the Emergency Arbitrator. We are grateful for the order which grants all the reliefs that were sought. We remain committed to an expeditious conclusion of the arbitration process.”
Amazon was represented by the following counsel:
• Gopal Subramanium, QC, Senior Counsel; Gourab Banerji, QC, Senior Counsel; Amit Sibal, Senior Counsel; Alvin Yeo, Senior Counsel.
• AZB& Partners; P&A Law Offices; WongPartnership LLP.
Amazon sent a legal notice to Future Coupons alleging violation of contractual obligations by announcing a deal with Reliance Retail. As per sources, a non-compete pact between Future Coupons and Amazon, the former could not sell to RIL as its name was specifically mentioned in a “restricted list”.
Future Group’s Kishore Biyani had recently said there was no choice but to sell to Reliance because of debt piling up. The Future Group has sent over Rs 12,000 Crrores. Around a year ago, Amazon had bought a 49% stake in Future Coupons, the promote entity of Future Group.
