FRL-RIL deal: After Amazon moves Supreme Court, Future Group says will defend the matter
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NEW DELHI :
Future Retail Ltd (FRL) today said Amazon has approached the Supreme Court against a Delhi High Court order that vacated the status quo on Future Group s proposed ₹24,713 crore-deal with Reliance Industries.
Future Retail Ltd in a regulatory filing to stock exchanges said that it shall defend the matter/proceedings through its legal counsels .
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Future Retail Ltd. on Monday said Amazon has approached the Supreme Court against a Delhi High Court order that vacated the status quo on Future Group’s proposed Rs 24,713 crore-deal with Reliance Industries Ltd.
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. However, an Amazon spokesperson said the company denies the false and misleading claims being made by the Future Group on a purported request for compensation to forego the right of first refusal .
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.