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The promise of arbitration has traditionally centred
upon a faster, more efficient, and less costly way of resolving
commercial disputes. The reality of arbitration proceedings,
however, does not always deliver on this promise.
Surveys conducted in recent years suggest that cost and delay are some of the
negative and discouraging characteristics of international
arbitration. They also show a commercial imperative to simplify the
arbitral processes, including in particular for lower-value
claims.
The findings, whilst perhaps not entirely surprising, have
alarmed the arbitration community. Helpfully, however, a number of
Updated Feb 16, 2021 | 09:01 IST
Amazon had asked for USD 40 million in compensation from Future Group for the deal with Reliance Industries, and that the US-based company was well aware of the Rs 24,713 crore Future-RIL deal. Amazon asked for $40 mn as compensation for RIL deal: Future | Photo Credit: BCCL
Future Group has alleged that Amazon had asked for USD 40 million (around Rs 290.41 crore) in compensation for the deal with Reliance Industries, a charge that the e-commerce major termed as false and misleading claims .
According to documents submitted to the emergency arbitrator of SIAC by the Kishore Biyani-led firm, Amazon had asked for USD 40 million in compensation from Future Group for the deal with Reliance Industries, and that the US-based company was well aware of the Rs 24,713 crore Future-RIL deal.
Future had inked term sheet with Samara 2 months before RIL deal
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Synopsis
Future Group CEO Kishore Biyani told ET in a January interview that he received no help from Amazon despite reaching out eight times to help tide over a dire financial situation, implying he had no choice but to conclude a deal with Reliance. Amazon moved the Singapore International Arbitration Centre (SIAC) against the FRL-Reliance deal.
As early as June 30 last year, Amazon-backed private equity firm Samara Capital had signed a non-binding term sheet with Future Retail Ltd (FRL) that entailed a Rs 7,000 crore investment, reveal documents and correspondence between both sides. This was two months prior to Future Group announcing its Rs 24,713 crore deal with Reliance Retail Ventures Ltd at the end of August.
BW Businessworld
Future Says Amazon Asked For $40mn As Compensation For RIL Deal, e-commerce Major Denies Charge
In August 2019, Amazon had agreed to purchase 49 per cent of one of Future s unlisted firms, Future Coupons Ltd (which owns 7.3 per cent equity in BSE-listed Future Retail through convertible warrants), with the right to buy into the flagship Future Retail after a period of three to 10 years.
Photo Credit : Reuters
Future Group has alleged that Amazon had asked for USD 40 million (around Rs 290.41 crore) in compensation for the deal with Reliance Industries, a charge that the e-commerce major termed as false and misleading claims .
Amazon sought $40 mn to let Future-Reliance deal proceed: Report inshorts.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from inshorts.com Daily Mail and Mail on Sunday newspapers.