Business Desk, AnyTV, New Delhi
Published by: Deepak Chaturvedi
Updated Thu, 03 Mar 2022 03:32 PM IST
Summary
Future-Amazon Agree To Talks Out Of Court: According to a report, Amazon has proposed talks with Future Retail to end the legal battle. In this regard, the Supreme Court has given time till March 15 to both the parties to settle it by mutual consent through dialogue. At this time both the parties will have to take a final decision among themselves.
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Amazon’s lawyer offered
A report released in this regard states that Amazon’s lawyers will settle the matter out of court. This has been agreed between the two on Thursday. Let us tell you that this matter is going on in relation to the deal between Reliance and Future Group. The Supreme Court on Thursday gave 12 days to both the parties to reach a final decision by mutual consent. Gopal Subramanian, senior lawyer for Amazon, said that we are giving a solution through which it can be resolved.
Hearing will be held again on March 15
As the Supreme Court has given 12 days to both Amazon and Future, the matter will now be heard again on March 15. Till then, the three parties have asked Reliance, Amazon and Future Retail to find a way to settle. It is worth mentioning that senior advocate Harish Salve on behalf of Future Retail and Mukul Rohatgi on behalf of Future Coupons had appeared in the Supreme Court with the proposal of Solutions. He also expressed his willingness to settle the matter by mutual consent. Chief Justice N.V. Ramana said that we are postponing this matter for 10 days. Till then all the parties related to it should understand this and find a way out.
What is the dispute between Amazon-Future
In 2019, Amazon bought 49 per cent stake in Future Coupons (the holding company of Future Group) for Rs 1,500 crore. Under this deal, Amazon also got the right to buy a stake in Future Retail within 3 to 10 years, but in 2020, Future Group announced the sale of its retail, wholesale and logistics business to Reliance Retail for Rs 24,713 crore. . This deal was objected by Amazon, after which this controversy arose. Significantly, a Competition Commission of India (CCI) order dated December 18 suspended the CCI’s approval for the Amazon-Future deal in 2019 for non-disclosure of relevant information by Amazon. CCI had also imposed a fine of Rs 202 crore on Amazon.