Talks between Amazon Inc and Future Retail are going over long term dispute over selling of Future Retail’s assets to Reliance Industries, which have finally failed. Lawyers of Future Retail told about the failure to Supreme Court today on March 15, 2022.
Both the companies have said that they want to continue arbitration in Singapore which was put on hold by an order passed by Delhi High Court. Supreme Court will listen to the matter tomorrow. Amazon has also accused Reliance Industries and Future Retail of fraud. The company said that any action taken by Future Retail in transferring assets to Reliance Industries will attract civil and criminal consequences.
Amazon said to Supreme Court, “Absolutely no headway in the talks for settlement between Amazon, Future Group and Reliance on the assets of Future Retail. Sometimes we are very hopeful, but the ultimate result is nothing. Future Group is giving away its stores to Reliance despite the ongoing litigation.”
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To this Future Retail said, “Amazon is driving us to our knees. We are broke. Shop takeover started 15 days ago. We have no control. Reliance is taking action despite the ongoing litigation. Reliance is taking over. We can’t do anything.”
Amazon Inc posted a newspaper advertisement that said that transfer of Future Retail assets to RI violated orders that were given by arbitration tribunal and is against submission that was put in front of Supreme Court. This move was taken by e-marketplace giant after Mukesh Ambani took control of few stores of Future Retail.
Future Group has over 1700 retail outlets of Big Bazaar and lease are expiring. Due to cash crunch, company is unable to make payments to landlords and have gotten termination notice from many of them. Reliance Industries transferred lease of few stores in its name and allowed FR to operate the stores. RI has also offered jobs to over 30000 employees of Future Retail.
