Page 50 - Future Group News Today

By Andy Mukherjee In the end, Indian billionaire Mukesh Ambani settled the dispute over who gets to own the assets of beleaguered Future Retail Ltd. not in an arbitration tribunal in Singapore, or in a courtroom in New Delhi, but in a shopping aisle.

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 in October 2020.

Amazon and Future agreed to out-of-court settlement discussions this month, but the two sides told SC on March 15 they had failed to resolve the matter. Following is a guide to the dispute.

For more than a year, Amazon.com Inc and India's Future Group have been locked in a complex legal stand-off that has stalled Future's $3.4 billion sale of assets to rival Reliance Industries, the country's biggest conglomerate.

The Indian equity market is likely to open higher today as SGX Nifty was trading 246 points higher at 16,894.80.

In 2020, Future - hard hit by the Covid-19 pandemic - decided to sell assets to Reliance.New Delhi: For more than a year, Amazon.com Inc and India's F

Would take steps for value adjustments, reversal of takeover of stores by Reliance: FRL

US e-commerce giant Amazon on Wednesday filed a plea in the Supreme Court to restrain Mukesh Ambani-led Reliance Retail from opening any new stores in place of Future Group's Big Bazaar. It also asked the top court to stop the Future group from alienating or transferring any of its retail assets till the final disposal of its arbitration petition by the Singapore tribunal.

Amazon ran large ads in leading newspapers headlined "Public Notice" and saying that actions taken by Reliance and Future "have been done in a clandestine manner by playing a fraud on the constitutional courts in India."

The Indian equity market is likely to open higher today as SGX Nifty was trading 246 points higher at 16,894.80.