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.
The Singapore International Arbitration Centre (SIAC) on October 25 passed an interim order in favour of Amazon
barring Future Retail
from taking any step to dispose its assets to Reliance.
had argued that the deal with a Future group promoter entity had a clause that prevented Future from dealing with 30-odd entities including Reliance Retail. Amazon
has an indirect stake of 5 per cent in Future Retail.
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.