Future Retail-Reliance deal: Kishore Biyani's group moves Delhi High Court seeking relief against Amazon — Here’s all that has happened so far
- The Bombay Stock Exchange has reportedly approached the Securities and Exchange Board of India on
- Global e-commerce giant Amazon got a stay order on the
Future Retailand Reliancedeal from a Singapore arbitrator, and had written to BSE and SEBI to uphold the decision.
- Here’s a timeline of how the fight between the world’s richest and India’s richest man has panned out so far.
AdvertisementThe fate of the ₹25,000 crore Future Retail and Reliance deal continues to be undecided. Global e-commerce giant Amazon got a stay order on the Future Retail and Reliance deal from a Singapore arbitrator, and had written to BSE and SEBI to uphold the decision.
Amazon had sent a legal notice to Future Coupons over Future Group’s deal with Reliance. Amazon has said that it was denied the Rights of First Refusal for the deal with Future Group.
While the Singapore arbitrator had ruled in Amazon’s favour, both Reliance and Future Group have said the deal was in accordance with Indian laws and that they wanted to close the deal without any delay.
Here’s a timeline of how the fight between the world’s richest and India’s richest man has panned out so far.
January 2019: Amazon picks up a 49% stake in Kishore Biyani’s Future Group’s – Future Coupons for ₹1,431 crore. As part of the agreement, Amazon had been granted a call option. This option allows Amazon to acquire all or part of the promoters' shareholding in Future Retail and can be exercised in three or ten years.
August 30, 2020: Mukesh Ambani buys out Kishore Biyani’s Future Retail for ₹25,000 crore in a slump sale. With the acquisition, Future Retail, Future Lifestyle Fashions, Future Consumer, Future Supply Chains and Future Market Networks will merge into Future Enterprises Limited (FEL).
October 8, 2020: Amazon sends a legal notice to Future Coupons over Future Group’s deal with Reliance. Amazon has said that it was denied the Rights of First Refusal for the deal with Future Group.
October 25, 2020: Singapore court rules in favour of Amazon, passes an interim order that puts RIL-Future deal on hold.
October 25, 2020: Reliance Retail Ventures issues a statement that it has entered into the transaction for acquisition of assets and business of Future Retail Limited under proper legal advice and the rights and obligations are fully enforceable under Indian Law. “RRVL intends to enforce its rights and complete the transaction in terms of the scheme and agreement with Future group without any delay,” said the company.
October 29, 2020: Amazon writes to the BSE and SEBI to consider the Singapore arbitrator’s order.
AdvertisementOctober 30, 2020: BSE is reportedly set to consult SEBI on the matter, will seek clarification from RIL and Future Group.
November 1, 2020: Future Retail has informed Indian stock exchanges BSE and NSE that Amazon is 'entirely misconceived’ about the agreement between Amazon and Kishore Biyani (CEO of Future Group) same as between Future Retail and its promoters. The filing said that the stock exchanges must not take into cognisance order of a Singapore arbitration court.
November 2, 2020: Future Retail has filed a caveat petition in the Delhi High Court against Amazon, according to a ET report. With the petition, if Amazon moves an Indian court, Future Retail will be first given the chance to present its side to the court before any order is passed.
November 7, 2020: Future Retail has approached the Delhi High Court seeking relief "against Amazon.com NV Investment Holdings LLC (“Amazon”) from interfering with the Transaction by misusing an Interim Order dated 25th October, 2020 issued by an Emergency Arbitrator, appointed by the Singapore International Arbitration Centre (SIAC)."
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