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Saturday, November 27, 2021
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Future Group Files Petition Against Seizure Of Assets In SC

The Future Group has filed an appeal with the Supreme Court against the seizure of assets belonging to the company and its founder Kishore Biyani, only days after the Supreme Court decided in favour of its squabbled partner Amazon.

Future Coupons has petitioned the Supreme Court to halt the attachment of its, Future Retail’s, and Kishore Biyani’s assets, in response to a single-judge order by the Delhi High Court.

The Supreme Court backed a decision by a Singapore tribunal and also reinstated a high court ruling on asset attachment, giving Amazon a key victory in a battle in which it sought to prevent Future Group from selling $3.4 billion in assets to rival Reliance Industries.

In March, the Delhi High Court concluded that Mr Biyani and Future had breached the Singapore tribunal ruling intentionally and knowingly, and imposed a fine of Rs 20 lakh on them, payable to the Prime Minister’s Relief Fund.

The conclusion of the battle between two of the world’s wealthiest men, Amazon’s Jeff Bezos and Reliance’s Mukesh Ambani, is expected to reshape India’s pandemic-hit retail sector and determine if Amazon can challenge Reliance’s near-trillion-dollar retail market supremacy.

Amazon and Future have been fighting in court over the Future Group acquisition, with Amazon accusing the Indian company of breaching pre-existing contracts when it sold its assets to Reliance. Future has vehemently denied any misconduct on his part.

A two-judge Supreme Court bench said that a Singapore arbitrator’s interim ruling from October, which placed the agreement on hold after finding substance in Amazon’s concerns, was valid and enforceable in India.

Amazon maintained that the order was enforceable, while Future argued that it was not. When Amazon invested $200 million in Future Coupons, a Future unit, in 2019, the two sides agreed to employ the Singapore arbitration in the event of a disagreement. The arbitration case is still under progress.

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