Amazon Future Retail News Today

The hearing of Amazon's plea, initiating insolvency proceedings against debt-ridden Future Retail Ltd has been adjourned by the National Company Law Tribunal (NCLT) until June 14. A plea seeking initiation of insolvency resolution proceedings against Future Retail Ltd (FRL) was filed by Bank of India (BoI), the lead banker in the consortium of lenders of the company.

Dispute settlement talks between Amazon.com Inc and India's Future Retail failed over the U.S. group's demand for the return of at least $200 million it had invested in the Indian firm, two sources said.

Amazon.com Inc has gone on the attack in its bitter dispute with two Indian retailers, accusing them of fraud in Indian newspaper ads on Tuesday after Reliance Industries suddenly took over many of Future Retail stores.

The Supreme Court bench has asked Future Coupons to respond to Amazon’s application by March 16, when the matter will be heard next.

Last week, Reliance had taken over control of nearly 200 small-format retail stores of the debt-ridden Future Group.

Reliance’s backing the call to tighten ecommerce comes at a time when the oil-to-salt conglomerate is working to expand its ecom operations.

Amazon has filed fresh legal challenges in a bid to block the sale of the Future Retail's assets to Reliance Industries.

The Delhi High Court today dismissed Future Retail's plea to declare arbitration proceedings with its warring partner Amazon as illegal. Justice Amit Bansal of the Delhi High Court said the filings were dismissed, without giving any further details.

Future Retail has asked Delhi High Court to declare ongoing arbitration proceedings with Amazon.com illegal, saying the country's antitrust agency had suspended a 2019 deal which Amazon used to assert its rights over Future.

Traders’ body CAIT has written to the commerce minister Piyush Goyal asking for suspension of Amazon operation in India after CCI's ruling.