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    Vikshita Vitthal Gujaran in News

    18-Nov-2022 02:00 AM


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    Amazon moves Supreme Court; seeks damages from Future group, its promoters

    Amazon NV Investment Holding LLC on Thursday moved the Supreme Court for allowing arbitration proceedings with the Future Group to continue before the Singapore International Arbitration Centre (SIAC).
    He also called out the Indian retailer for filing over 200 petitions to stall arbitration proceedings.
    “This is an international arbitration... Is this how the courts of this country will bring repute to the process?
    The matter will be next heard on 25 November.
    The deal was opposed by Amazon.com NV Investment Holdings LLC on grounds that its investment of ₹1,400 crore in Future Coupons, which is one of promoters of Future Retail, does not allow Future to sell retail assets to certain companies, including Reliance.
    Amazon in its petition before the top court has said that it was constrained to file the plea given the unusual circumstances of the case, with the arbitral tribunal having fixed dates for cross examination of expert witnesses as far back as July, and Future group repeatedly seeking adjournment of these hearings on the ground of unavailability of the Future Group’s witness.

    Source - MINT

    #amazon #futuregroup