Amazon, Future series continues in SC via Future-Reliance ₹24500 cr. Proposed deal

Business

Amazon and the Future group continued to argue in the Supreme Court on Friday over a proposed 24,500 crore deal between Future and Reliance.

Appearing before a bank led by Chief Justice of India NV Ramana, senior counsel Gopal Subramanium urged the resumption of arbitration and protection of Future Retail Limited’s assets pending the final decision of the arbitral tribunal.

The cargo of the future

Future, represented by senior attorney Harish Salve, argued that Amazon was trying to “destroy” it by halting its proposed deal with Reliance while relentlessly filing litigation on various forums.

Mr Salve said Reliance took over most of its retail stores because of ₹4800 crore of unpaid rent. “We’re hanging by a thread,” he added.

Amazon’s request

On the other hand, Amazon has asked the Supreme Court to step in and ensure future retail assets are not taken over by Reliance.

Mr Subramaniam has submitted that an attempt was made to “knock over the apple cart” and “things were done”. “Things will be done … If I were to lose, the scheme (the deal) will go through without a doubt and the assets will go through the scheme to Reliance. I have no problem at all. But if I succeed, the fortune should be there. I just want a retail asset protection order,” he pleaded at the previous hearing.

The court has scheduled the case for the next hearing on April 4th.

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