Amazon calls Future store transfer 'clandestine', talks break down
Amazon has called the transfer of hundreds of Future Retail Limited stores to Reliance Industries Limited “clandestine” and talks designed to find a resolution between Amazon and Future Retail have broken down.
On Tuesday, Amazon made a public statement accusing Future Retail of violating both Indian and Singapore official court rulings by transferring hundreds of its stores to Reliance Retail, ET Bureau reported.
“The actions have been done in a clandestine manner by playing a fraud on the constitutional court of India, the arbitral tribunal and Indian statutory authorities/agencies,” said Amazon.com, NV Investment Holdings LLC said in public notice placed in several Indian newspapers on March 15.
According to Amazon, Future Retail has gone against orders of Indian courts and of a Singapore emergency arbitrator which ruled to stay the proposed Rs 25,000 deal to sell assets of Future Group to Reliance Retail at the Singapore International Arbitration Centre in October 2020.
“Amazon hereby puts all persons concerned to notice that any attempt by FRL and its promoters to transfer/dispose/alienate any of its retail assets is in violation of binding orders of the arbitral tribunal which operate as orders of an Indian court and any party assisting or cooperating in such fraudulent and contumacious actions will be liable for civil and criminal consequences under law,” read Amazon’s newspaper notice.
Amazon and Future Retail had been holding talks with the aim of resolving the dispute. These talks have failed, lawyers for both companies informed the Supreme Court on March 15, Reuters reported. The businesses both said they wish to resume the arbitration proceedings in Singapore which had been paused by the High Court in New Delhi.
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