Updated Jan 11, 2021 | 21:58 IST
The US e-commerce major, on the other hand, contends that there were ongoing discussions on multiple options with partners and with the promoters of Future. Amazon writes to Sebi again, urges it to suspend review of Future-RIL deal
New Delhi: E-commerce major Amazon has written to Sebi yet again, apprising the market regulator of the formation of the arbitration tribunal at SIAC while urging it to suspend the review of the Rs 24,713 crore Future-RIL deal. It has also filed an appeal with the Division Bench of the Delhi High Court against the December 21 order of the single-member bench, according to sources.
E-commerce major Amazon has written to Sebi yet again, apprising the market regulator of the formation of the arbitration tribunal at SIAC while urging it to suspend the review of the Rs 24,713 crore Future-RIL deal. It has also filed an appeal with the Division Bench of the Delhi High Court against the December 21 order of the single member bench, according to sources. On December 21, a single member bench of the Delhi HC had rejected Future Group s plea to restrain Amazon from writing to regulatory authorities about the SIAC (Singapore International Arbitration Centre) arbitral order but gave a go-ahead to the regulators to decide over the deal.
In its letter dated January 5, Amazon urged the market regulator to direct the Indian stock exchanges not to issue any no-objection or approval letter to Future Retail Ltd
Amazon Seller Services Pvt. Ltd. v. Amway India Enterprises Pvt. Ltd. & Ors.
[1] was centrally concerned with the applicability of 2016 Direct Selling Guidelines, contentions regarding inducement of breach of contract, Section 79 of the Information Technology Act
[2] and lastly tortuous interference. In this particular case, the dispute primarily revolved around two parties namely Amazon which is a well-known e-commerce platform and Amway being a direct selling entity. A Direct selling entity does not sell its services to the traditional retail marketplaces instead it entails the help of various non-salaried individuals who are known as direct sellers who in turn sell the product further at their local level. An electronic commercial platform, on the other hand, is an online marketplace that acts as the medium for sellers and different vendors to sell their products. They primarily act as a connection or a link between the seller and the customers in a virtual marketplace.
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