Amazon asks Delhi High Court to detain Future Group promoter Kishore Biyani
E-commerce giant Amazon has registered another case at the Delhi High Court in its bid to prevent the Reliance-Future Group deal and has asked for Future Group’s promoter Kishore Biyani to be detained in a civil prison.
In Amazon’s new petition to the Delhi High Court, the business argued that Biyani’s Future Group had “deliberately and maliciously” acted in defiance of the ruling of the Singapore International Arbitration Centre, TNN reported. Amazon asked for Biyani to be detained in a “civil prison” and for his assets to be attached to the case, according to the petition accessed by the Times of India.
Amazon has requested that the court prevent Future Group from taking any steps towards completing the transaction with Reliance Industries or any affiliated entity. Future Group made a filing on the Bombay Stock Exchange on January 25 stating that Amazon has informed the business of the new court proceedings and that Future Group plans to defend the case.
The Delhi High Court had previously allowed Future Group to proceed with its sale to Reliance Industries in December last year. However, a ruling by Singaporean authorities had stayed the sale back in October, 2020.
Mukesh Ambani’s business Reliance Industries Limited is currently expanding its e-commerce platform JioMart to include a wide range of products and reach addresses across India.
The business will be in competition with Amazon and, due to Reliance’s strong presence in multiple areas of Indian industry from textiles to petrochemicals, Amazon could fear that it will be overtaken by the Indian giant, which has an upper hand in terms of regulations as it is based in India itself.
Copyright © 2021 FashionNetwork.com All rights reserved.