Amazon Vs Future Group News Today

Future and Amazon have been engaged in a legal tussle after the latter dragged the former into arbitration at the Singapore International Arbitration Centre (SIAC) on October 2020.

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.

FEL develops, owns and leases retail infrastructure for the Future Group. It also handles backend operations of Future Group’s retail business.

For more than a year, Amazon and Future Group have been in a legal stand-off that has stalled Future's $3.4 billion sale of assets to Reliance Industries.

The Amazon-Future arbitration which is going on before a three-member arbitration tribunal over the latter's Rs 24,500-crore deal with Reliance was halted by the Delhi High Court today.

The Delhi High Court on Monday reserved its order on the petition by the Future Group seeking a direction to the SIAC arbitral tribunal to first decide on its application on termination of arbitration proceedings. The Singapore based three-member tribunal is hearing the arbitration dispute initiated by Amazon.com NV Investment Holdings alleging violation of contractual obligation by Future Coupons Pvt. Amazon had initiated the arbitration arguing that the Future Group's transaction with R...

The Competition Commission of India (CCI) in June accused Amazon of concealing facts and making false submissions when it sought approval for the $200 million investment into a Future unit in 2019.

In the inconclusive settlement between Amazon and Future, Amazon demanded withdrawal of the application from CCI, and a "generous" amount.