21.6 C
Delhi
Saturday, November 28, 2020

Jeff Bezos, Mukesh Ambani set for long-drawn war over Future Retail

- Advertisement -

Jeff Bezos, Mukesh Ambani set for long-drawn war over Future RetailNew Delhi, Oct 26 (IANS): As Reliance Industries Ltd (RIL) stepped into the e-commerce space with JioMart, speculations ran rife over two of world’s richest individuals up for a confrontation in the market. But RIL’s proposed acquisition of Future Group’s retail business has just pitched both behemoths, Jeff Bezos’ Amazon and Mukesh Ambani’s RIL, against each other in a legal battle, which now seems to be heading towards a long-drawn war.

After a Singapore arbitration court ordered a temporary halt in the acquisition process, Future Retail has hinted at challenging the interim order.

Indicating that the matter should not have been dealt with by an overseas arbitration court, Future Retail said that all the relevant agreements are governed by Indian law and provisions of the Indian Arbitration Act for all intents and purposes and “this matter raises several fundamental jurisdictional issues which go to the root of the matter”.

According to Future, the order will have to be tested under the provisions of Indian Arbitration Act in an “appropriate” forum.

Sources close to Amazon, however, said that the eventuality of moving to Singapore International Arbitration Centre (SIAC) in case of an issue in the deal was part of the agreement done between Future and Amazon, in which Amazon acquired a 49 per cent stake in Future Coupons, a Future group entity.

READ ALSO:  ‘India to spend $500B on infra to accommodate population by 2030’

As the final order in the matter is yet to come from the arbitration court, Future Retail’s statement that the need to test the order under the Indian Arbitration Act in an “appropriate” forum shows that the another front might be opened up for the battle, this time in an Indian court.

Post the interim ruling, an Amazon spokesperson had said on Sunday: “We welcome the award of the Emergency Arbitrator. We are grateful for the order which grants all the reliefs that were sought. We remain committed to an expeditious conclusion of the arbitration process.”

Sources said that even if Future approaches a legal forum in India, the arbitration in Singapore will continue.

This very battle, is as much important for Mukesh Ambani-led RIL, as it is for Kishore Biyani-led Future, as this very deal would have made Reliance Retail a retail behemoth. As per several analysts, Reliance Retail would become the third largest retailer in the world.

Showing its resolve to complete the proposed acquisition, Reliance Retail Ventures Ltd on Sunday said that it intends to enforce its rights and complete the transaction in terms of the scheme and agreement with Future group without any delay.

READ ALSO:  LJP may play spoilsport for JD-U in Bihar polls

The arbitration also features legal eagles. Harish Salve appeared for the Future Retail (being acquired by RIL) while Singapore-based lawyer Davinder Singh appeared on behalf of Future Coupons Pvt Ltd.

Gopal Subramanium, former Solicitor General of India, appeared for Amazon.

Earlier this month, Amazon said that Future Group violated a contract with it by entering into the sale agreement with the Mukesh Ambani-led retail major.

Last year, Amazon acquired a 49 per cent stake in Future Coupons, a Future group entity.

In August, Reliance Retail Ventures Ltd (RRVL), a subsidiary of RIL, had announced that it is acquiring the retail, wholesale, logistics and warehousing business from the Future Group as going concerns on a slump sale basis for lumpsum aggregate consideration of Rs 24,713 crore, subject to adjustments as set out in the composite scheme of arrangement.

The acquisition is part of the scheme in which the Future Group is merging certain companies carrying on the aforesaid businesses into Future Enterprises Ltd (FEL).

The fight between two of world’s richest tycoons, Bezos and Ambani seems unlikely to end anytime soon.

India Updates
India Updates is an independent news & Information website. Follow us for regular updates on News and Information.

Follow Us On

Related News

Total FDI inflow during Q2 FY21 stands at $28.1 bn

New Delhi, Nov 28 (IANS) The total foreign direct investment (FDI) during the second quarter of financial year 2020-21 stood at $28.10 billion, out...

Huawei to use liquid lens in its flagship phones: Report

Beijing, Nov 28 (IANS): Chinese smartphone maker Huawei is reportedly in the final stage of testing the liquid lens for flagship phones which is supposed...

Farmers’ stir chokes various points near Delhi-Haryana border

New Delhi, Nov 28 (IANS) The traffic movement at various points near the Delhi-Haryana border was affected on Saturday as farmers continued to lay siege...

Bharat Biotech working with ICMR for speedy progress: PM

Hyderabad, Nov 28 (IANS) Prime Minister Narendra Modi said Bharat Biotech, a city-based pharmaceutical company, is closely working with the Indian Council of Medical...

Farmers continue to protest at Tikri border, situation peaceful

New Delhi, Nov 28 (IANS) A day after their stand-off with security forces over entry into Delhi, farmers who have travelled from Punjab and...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Trending Topics In India

Covid 19 India Updates

Kerala, Maha, Delhi among 6 states with 61% new Covid cases detected every day

By Rajnish Singh, (IANS) Kerala, Maharashtra and Delhi are among top six states which are accountable for contributing 61 per cent new Covid-19 cases on daily basis in India,...

Kerala, Maha, Delhi among 6 states with 61% new Covid cases detected every day

By Rajnish Singh, (IANS) Kerala, Maharashtra and Delhi are among top six states which are accountable for contributing 61 per cent new Covid-19 cases on daily basis in India,...

Looking at vaccine manufacture, delivery ecosystem: Harsh Vardhan

New Delhi, Nov 25 (IANS) At a time the world is racing against time to find a safe and effective vaccine against Covid-19, Union...

Apollo Hospitals gearing up to give one million vaccines a day

New Delhi, Nov 25 (IANS) Apollo Hospitals are gearing up to give one million vaccines a day once it is available across India through...

Over 88% Indians know at least one Covid infected person: Survey

New Delhi, Nov 25 (IANS) With over nine million coronavirus cases in India, 88 per cent citizens now have one or more contacts in...

Covid-19 second wave may be a tsunami, warns Thackeray

Mumbai, Nov 22 (IANS) With Covid-19 cases again surging in some parts of the the country, Maharashtra Chief Minister Uddhav Thackeray on Sunday hinted...

Trending News In India

Farmers’ stir chokes various points near Delhi-Haryana border

New Delhi, Nov 28 (IANS) The traffic movement at various points near the Delhi-Haryana border was affected on Saturday as farmers continued to lay siege...

Apple patents new MacBook Touch Bar with Force Touch technology

San Francisco, Nov 28 (IANS) Apple is reportedly planning to add Force Touch sensors to the OLED Touch Bar on a future MacBook Pro.A...

Huawei to use liquid lens in its flagship phones: Report

Beijing, Nov 28 (IANS): Chinese smartphone maker Huawei is reportedly in the final stage of testing the liquid lens for flagship phones which is supposed...

Farmers’ stir chokes various points near Delhi-Haryana border

New Delhi, Nov 28 (IANS) The traffic movement at various points near the Delhi-Haryana border was affected on Saturday as farmers continued to lay siege...

Bharat Biotech working with ICMR for speedy progress: PM

Hyderabad, Nov 28 (IANS) Prime Minister Narendra Modi said Bharat Biotech, a city-based pharmaceutical company, is closely working with the Indian Council of Medical...

Farmers continue to protest at Tikri border, situation peaceful

New Delhi, Nov 28 (IANS) A day after their stand-off with security forces over entry into Delhi, farmers who have travelled from Punjab and...

Trending Showbiz

Indian Award shows should include films released on OTT: Bhumi

Mumbai, Nov 27 (IANS) Actress Bhumi Pednekar is not new to the web space, her film Dolly Kitty Aur Woh Chamakte Sitare dropped on...

Sanjay Dutt’s new film ‘Torbaaz’ discusses terrorism with human angle

Mumbai, Nov 26 (IANS) Filmmaker Girish Malik, who directs Sanjay Dutt in his new film Torbaaz, says he wanted to show a story of...

Gear up for India’s first ever OTT awards

By Puja Gupta, (IANS) Fans across the globe now have a chance to engage with OTT entertainment content and stars digitally; they can and...

Malayalam film ‘Jallikattu’ is India’s entry for Oscars 2021

Mumbai, Nov 25 (IANS) The Malayalam film, Jallikattu, has been selected as the official Indian entry in the Best International Feature Film category at...

Kabaddi is a sport, can’t be played well without teamwork: Abhishek Bachchan

Mumbai, Nov 24 (IANS) Abhishek Bachchan, who owns the Kabaddi team Jaipur Pink Panthers, says the upcoming docu-feature, Sons Of The Soil: Jaipur Pink...

Television actor Ashiesh Roy passed away

Mumbai, Nov 24 (IANS) Television actor Ashiesh Roy passed away in Mumbai early on Tuesday. The Sasural Simar Ka actor died of kidney failure...

Trending Sports

Premier Badminton League season 6 postponed due to Covid-19

New Delhi, Nov 27 (IANS) The sixth season of the Premier Badminton League (PBL), which was scheduled to take place in late December, has...

Kohli hits out at team for not getting into ODI mode from T20

New Delhi, Nov 27 (IANS) India skipper Virat Kohli hit out at his team for not getting into 50-over format rhythm for the ongoing three-match...

Australia outscore India, take 1-0 lead in ODI series

Sydney, Nov 27 (IANS) Australia defeated India by 66 runs in the first One-day International at the Sydney Cricket Ground on Friday to take...

Excited to be back playing in front of crowds: Kohli

Sydney, Nov 26 (IANS) Rival skippers Virat Kohli of India and Aaron Finch of Australia on Thursday expressed relief and joy at the prospect...

1986 World Cup quarter-final: Maradona becomes immortal

New Delhi, Nov 26 (IANS) “I dream of being able to score another goal against the English, with the right hand this time!” said Diego...

Football legend Diego Maradona, 60, dead

Buenos Aires, Nov 25 (IANS) Football legend Diego Maradona has died, aged 60, according to Argentine media reports. He had been discharged from hospital...

Latest Trending News In India

Apple patents new MacBook Touch Bar with Force Touch technology

San Francisco, Nov 28 (IANS) Apple is reportedly planning to add Force Touch sensors to the OLED Touch Bar on a future MacBook Pro.A...

Huawei to use liquid lens in its flagship phones: Report

Beijing, Nov 28 (IANS): Chinese smartphone maker Huawei is reportedly in the final stage of testing the liquid lens for flagship phones which is supposed...

Farmers’ stir chokes various points near Delhi-Haryana border

New Delhi, Nov 28 (IANS) The traffic movement at various points near the Delhi-Haryana border was affected on Saturday as farmers continued to lay siege...

Bharat Biotech working with ICMR for speedy progress: PM

Hyderabad, Nov 28 (IANS) Prime Minister Narendra Modi said Bharat Biotech, a city-based pharmaceutical company, is closely working with the Indian Council of Medical...