The much talked about tie up between Future Group and Reliance has brought in a bone of contention from Amazon. The E- Commerce giant has raised issues about the deal and the issue is being heard in the court.
The issue has started with the ₹24,713 deal that has been signed between Kishore Biyani’s Future group and Mukesh Ambani’s Reliance Industries Limited- also known as RIL. Amazon dot com inc and Future group are applying different strategies. The case will be run in both Indian Courts and Singapore Arbitration Court.
Kishore Biyani’s firm has filed a case in Delhi high court. While on the other hand Amazon has urged Securities and Exchange Board of India (Sebi) for their urgent intervention into the issue.
Amazon has put several charges on Future group that include fraud, misleading its investors, going against small investors and also disregarding award by Singapore International Arbitration Centre (SIAC). Amazon is also looking at involving CCI for the same.
Future Retail and Future Coupons Pvt. Ltd are the two entities that have brought the complication in the issue. Both the parties have their own say when it comes to the role of these two entities in the Future Group and RIL deal.
Interestingly, soon after the spread of corona pandemic e retail companies’ use has skyrocketed. . This has brought in Indian Business giant Mukesh Ambani led Reliance to become party to profits. Ambani is looking at getting a share of this giant E-retail pie.
