Future Retail filed a new case in the Supreme Court on Saturday against US online retailer Amazon in a $3.4 billion retail asset deal case. The Future Group company is busy getting clearance for the deal with Reliance Industries (RIL), which has been challenged by Amazon in court.
In this case, the order of the Supreme Court that came this month had dealt a big blow to Future Retail. The court had said that the interim order issued by the Arbitration Court of Singapore in October 2020 on Amazon's complaint will also be applicable in India. The deal between RIL and Future Retail has been stalled by the order of the Arbitration Court.
The Supreme Court had also said in its order that Future Retail cannot challenge the order of the lower court against it in this case. Informed sources said that the company is appealing to the Supreme Court to hear its views. His lawyer Yugandhar Pawar has said in the appeal to the Supreme Court that it is very important to listen to the company.
Future Retail, in an appeal of over 6,000 pages, has said that the loss to the group if the deal with Reliance Industries is not completed is unimaginable. It has been said that it will put 35,575 employees at risk as well as repayment of bank loans and debentures worth about Rs 280 billion ($3.81 billion).
The controversy started when the country's second-largest retail company with over 1,700 stores, signed an agreement to sell its retail business to Reliance after being hit by Covid. Amazon alleges that Future has broken an agreement by doing so, while Biyani's group maintains that it has done no wrong by dealing with RIL.
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