Future Amazon News Today

The County Board is poised to pass a controversial incentive package for Amazon this Saturday, which could help bring tens of thousands of jobs and millions in added property taxes to Arlington County, at the cost of tens of millions in tax subsidies for one of the world's largest companies. The Board is scheduled to

Amazon has accused independent directors of Future Retail of facilitating "fraudulent stratagem" of transfer of 835 stores to Reliance group

Future Retail Ltd (FRL) on Wednesday held a meeting of its shareholders to consider and approve the sale of the company's retail assets to billionaire Mukesh Ambani's Reliance Retail Ventures Ltd.

Last year, FRL had entered into a One Time Restructuring (OTR) scheme for COVID-hit companies with a consortium of banks and was under obligation to raise Rs 3,900 crore before March 31, 2022 by way of equity contribution.

Amazon and the Future Group have been locked in a legal tussle after the US e-commerce giant dragged the latter to arbitration at the Singapore International Arbitration Centre (SIAC) in October 2020.

Reliance has 1,100 supermarkets, while Future has around 1,500. For its part, Amazon has invested $6.5 billion in India. At stake is whether Amazon can become a bigger force in a $900 billion retail market, with 1.3 billion consumers, than Reliance.

The top court added that it would hear the matter on February 23 "without any adjournment."

Future, in a new court filing at the Supreme Court on Tuesday, asked judges to order its lenders and the country's central bank to grant more time to execute the sale, and not be classified as a defaulter.

Amazon’s petition is scheduled to be heard by a two-member bench comprising Justice M Venugopal and V P Singh of the Principal bench.

The HC said that after the Competition Commission of India (CCI) order against Amazon, case prima facie in favour of Future.