July 24, 2021

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The World Stock Markets Tips & Targets, News, Views & Updates

Future Group taking contrary positions after deal, Amazon tells Supreme Court

Amazon, Future GroupAmazon, Future GroupThe hearing will resume on Tuesday.

Amazon on Thursday accused Future Group of inducing it to invest Rs 1,431 crore in its companies and yet taking contrary positions and willfully flouting all the directions given by the emergency arbitrator of the Singapore International Arbitration Centre.

The Supreme Court is hearing a petition filed in the dispute between Future Group and Amazon, which has been going on since October 25, 2020, when the emergency arbitrator passed an interim order restraining Future Group from going ahead with its Rs 24,713-crore deal with Reliance Retail.

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Senior counsel Auspi Chinoy, appearing for Amazon, told a bench led by Justice RF Nariman that Future Group “induced” the e-commerce giant to invest Rs 1,431 crore in Future Coupons for a 49% stake in the company.

Future Group has been instrumental in deciding the key terms and conditions of the deal, which included a provision for an emergency arbitrator. But after entering the deal they took contrary positions, Chinoy said, adding that the promoters displayed “rank dishonesty and commercial immorality” in their conduct.

The hearing will resume on Tuesday.

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