In August, Future group
sold its retail assets along with its logistics and wholesale businesses to Reliance Retail
in a nearly Rs 25,000-crore transaction. This deal is now being contested in court by former Future group
partner Amazon, which says it is in breach of a 2019 agreement.
On Thursday, Future Retail told the Delhi High Court that Amazon was not its shareholder directly and therefore had no say in its affairs. The interim order passed by the SIAC, it said, was of no value.
The court had on November 10 sought a response from Amazon on Future Retail's plea alleging that the e-commerce major was interfering in its deal with Reliance Retail
on the basis of an interim order by a Singapore arbitrator.
Last week, Amazon had written to markets regulator SEBI and the stock exchanges seeking to enforce the interim order.
Both Future Retail and Reliance have maintained that they will look to conclude the deal. One of the reasons for this being that the deal will help Future group get out of its debt woes, while Reliance Retail will consolidate its presence as the largest organised retailer in the country.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.