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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.
CAIT has stated in its petition that the acquisition mode of More Retail stores in India by Amazon is akin to its deal with Future Group.
Amazon said the transaction envisaged in the Samara term sheet would ensure availability of funds in FRL at the earliest, through an asset sale and an equity infusion.
What should be an ordinary commercial dispute between Amazon.com Inc. and the founders of a near-bankrupt retailer is shining a harsh light on the quality of legal and regulatory protection investors actually receive in India.
U.S. retail giant Amazon and India's Future Group have been locked in a legal battle for more than a year now. The stand-off has halted Future's Rs 24,500 crore ($3.4 billion) deal with Reliance Industries. Adding more twists, Amazon has filed fresh legal challenges in its long-running dispute with Future after the antitrust agency Competition Commission of India (CCI) suspended a 2019 deal between the two sides, news agency Reuters reported citing sources. According to the report, Amazon has filed an appeal against the CCI suspension decision at the National Company Law Appellate Tr...