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New Delhi, Jan 11 () E-commerce major <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword> has written to Sebi yet again, apprising the market regulator of the formation of the arbitration tribunal at SIAC while urging it to suspend the review of the Rs 24,713 crore Future-RIL deal. It has also filed an appeal with the Division Bench of the Delhi High Court against the December 21 order of the single member bench, according to sources. On December 21, a single member bench of the Delhi HC had rejected Future Group's plea to restrain Amazon from writing to regulatory authorities about the SIAC (Singapore International Arbitration Centre) arbitral order but gave a go-ahead to the regulators to decide over the deal. The court had also made several observations indicating that Amazon's attempt to control <keyword id="375475" type="COMPANY" weightage="20" keywordseo="Future-Retail">Future Retail</keyword> through a conflation of agreements Amazon has with an unlisted unit of the Indian company will be violative of the FEMA FDI rules. Emails sent to Amazon and Future Group seeking response on these matters did not elicit a response. In its letter dated January 5 - a copy of which was seen by - Amazon informed Sebi that the "Singapore International Arbitration Centre (SIAC) has constituted the arbitral tribunal in the Arbitration Proceedings initiated by Amazon against inter alia FRL, Mr. Kishore Biyani and Mr. Rakesh Biyani". Amazon also requested Sebi to suspend "review of the Impugned Transaction as well as the scheme involving the Impugned Transaction, and not granting any no-objection" for the Future-RIL deal. The letter also urged the market regulator to direct the Indian Stock Exchanges not to issue any no-objection/approval letter to Future Retail Ltd (FRL). A three-member tribunal consisting - Singaporean barrister Michael Hwang has been formed at SIAC. The other two members of the tribunal are Albert van den Berg and Jan Paulsson. As per the SIAC Rule, the interim award passed by the Emergency Arbitrator (EA) "automatically extended for the duration of the Arbitration Proceedings" unless it is reconsidered/modified/vacated by the arbitral tribunal itself, Amazon further said in its letter addressed to Sebi Chairman Ajay Tyagi. Amazon has written a series of letters to regulators and the bourses, starting with its complaint on October 3. This is the sixth instance of the e-commerce giant writing to Sebi on the matter. Amazon had dragged Future Group to arbitration at SIAC after an indebted Kishore Biyani group firm signed a pact to sell retail, wholesale, logistics and warehousing units to billionaire Mukesh Ambani's <keyword id="10926" type="CITY" weightage="20" keywordseo="Reliance">Reliance</keyword> in August last year in a Rs 24,713 crore deal. Amazon's argument is that Future violated the contract by entering into the deal with rival Reliance. In October, SIAC had passed an interim award in favour of Amazon with a single-judge bench of V K Rajah barring FRL from taking any step to dispose of or encumber its assets or issuing any securities to secure any funding from a restricted party. In its most recent letter, Amazon reiterated that FRL continues to be "expressly injuncted and restrained" by the interim award and is barred from taking any steps in furtherance of the transaction, including filing applications before any regulators or agencies including Sebi in India. In the ongoing tussle, Future claims that Amazon had failed to provide any help to the debt-laden Future Group that suffered a massive setback during the COVID-induced lockdown. The US e-commerce major, on the other hand, contends that there were ongoing discussions on multiple options with partners and with the promoters of Future. In August 2019, Amazon had agreed to purchase 49 per cent of one of Future's unlisted firms -- Future Coupons Ltd -- with the right to buy into the flagship, FRL after a period of three to ten years. Future Coupons holds 7.3 per cent equity in BSE-listed FRL -- that operates popular supermarket and hypermarket chains such as Big Bazaar -- through convertible warrants. KRH SR ANZ ANU ANU

Amazon writes to SEBI again, asking it to suspend review of the Future Retail-Reliance deal

<ul><li><keyword id="375475" type="COMPANY" weightage="20" keywordseo="Future-Retail">Future Retail</keyword> has informed the bourses that with Amazon taking the case back to Singapore court, not every stage of the proceeding is a “material event for disclosure”. </li><li>Future Retail also hinted that it wasn’t going to give in to Amazon’s media tactics.</li><li>The statement from Future Retail has come in after the National Stock Exchange warned the company that it could face regulatory scrutiny for not putting out market disclosures on time. </li></ul><keyword id="44950" type="PERSON" weightage="20" keywordseo="Kishore-Biyani">Kishore Biyani</keyword>’s Future Retail (FRL), which is embroiled in a legal battle with e-commerce giant Amazon over its deal with Reliance Retail, has told the bourses that with Amazon taking the case back to Singapore court, not every stage of the proceeding is “material event for disclosure”. In a statement to the stock exchange, the company wrote, “As you are aware, Amazon has initiated arbitration proceedings in Singapore, which the company believes is without merit and without jurisdiction.” Future Retail also hinted that it wasn’t going to give in to Amazon’s media tactics. “Every stage of the proceedings would not lend itself to being a material event for disclosure under Regulation 30 of the LODR Regulations,” the statement said. FRL added that it was making this disclosure “out of abundant caution” since Amazon’s media strategy was to have “every development reported and converted into a line of communication with stock exchanges.” This statement from Future Retail has come in after the National Stock Exchange (NSE) warned the company on November 26 that it could face regulatory scrutiny for not putting out market disclosures on time. NSE’s warning came after<a href="https://economictimes.indiatimes.com/markets/stocks/news/reliance-vs-amazon-nse-warned-future-retail-of-action-over-disclosures/articleshow/79403903.cms"> Amazon complained</a> that <keyword id="44949" type="CITY" weightage="20" keywordseo="Future-group">Future Group</keyword> was misleading the public with incorrect market disclosures. On November 25, the Singapore International Arbitration Centre had <a href="https://www.business-standard.com/article/companies/amazon-future-tussle-singapore-s-arbitration-court-rejects-biyani-s-plea-120112501490_1.html">rejected</a> Future’s plea not to be included in the arbitration. The legal battle began when on October 25, 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 ₹25,000 crore deal with Reliance. Amazon had <a href="https://www.timesnownews.com/business-economy/companies/article/amazon-sends-legal-notice-to-future-group-for-alleged-breach-rofl-rights-in-reliance-deal/663768">said that </a>it was denied the Rights of First Refusal for the deal with Future Group. The Singapore court had ruled in favour of Amazon and passed an interim order that put the RIL-Future deal on hold. Since then, the matter is subjudice in the Delhi High Court. SEE ALSO: <a href="https://www.businessinsider.in/business/news/amazon-wants-future-retail-to-be-investigated-by-indias-market-regulator-accuses-kishore-biyanis-group-of-insider-trading/articleshow/79170908.cms">Amazon wants Future Retail to be investigated by India’s market regulator – accuses Kishore Biyani’s group of insider trading</a>

Future Retail tells the bourses that not every stage of the Amazon proceedings would be ‘material event for disclosure’

E-commerce giant <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword> has moved the Supreme Court against the Future-Reliance Retail deal. On February 8, the Delhi High Court had stayed the implementation of status quo ordered by a single-judge bench on the Rs 24,713-crore deal between Future Retail Ltd and Reliance. The e-commerce company has challenged this Delhi High Court Division Bench order, which stayed the implementation of the "status quo" on the deal. The Division Bench of Chief Justice D.N. Patel and Justice Jyoti Singh noted: "There was no reason to seek a status quo order from single-judge bench. Statutory authorities cannot be restrained from proceeding in accordance with law". The bench also observed that Future Retail Ltd is not a party to the Arbitration Agreement and hence, the group of companies doctrine cannot be invoked. "Observations are only prima facie. Single judge not to be influenced," the High Court had noted. Earlier, Future Retail Ltd had moved the division bench to appeal against the status quo order passed by Justice J.R. Midha. According to sources, Amazon filed an appeal in the top court after the high court dealt a blow to the US firm by revoking a previous court decision that effectively blocked the deal. In its plea, Amazon contended that the division bench should have waited for a detailed single-judge order and urged the top court to stay this order. Amazon had moved the Delhi High Court last month for enforcement of the Emergency Award. It had alleged that Future Group's <keyword id="44950" type="PERSON" weightage="20" keywordseo="Kishore-Biyani">Kishore Biyani</keyword> as well as other promoters and directors were "deliberately and maliciously" disobeying the Emergency Award in spite of their participation in the arbitration proceedings.

Amazon, Future Retail battle far from over – Jeff Bezos-led e-commerce giant moves Supreme Court to stop Kishore Biyani’s deal with Reliance

The Delhi High Court Tuesday directed <keyword id="375475" type="COMPANY" weightage="20" keywordseo="Future-Retail">Future Retail</keyword> Ltd (FRL) to maintain status quo in relation to its Rs 24,713 crore deal with Reliance Retail, which has been objected to by US-based e-commerce giant Amazon. Justice J R Midha said the court was satisfied that an immediate interim order was required to be passed to protect the rights of Amazon. "Respondents (FRL) are directed to maintain status quo as on today at 4:49 PM till pronouncement of the reserved order," the judge said. Amazon has approached the high court seeking direction to order enforcement of the award by Singapore's Emergency Arbitrator (EA) restraining FRL from going ahead with its Rs 24,713 crore deal with Reliance Retail. Amazon has sought to restrain Kishore Biyani-led Future Group from taking any steps to complete the transaction with entities that are a part of the Mukesh Dhirubhai Ambani (MDA) Group.

Amazon gets interim relief, Delhi High Court directs Future Retail to maintain status quo on deal with Reliance

The <keyword id="6355014" type="UNKNOWN" weightage="20" keywordseo="delhi-high-court">Delhi High Court</keyword> on Wednesday sought response from <keyword id="375475" type="COMPANY" weightage="20" keywordseo="Future-Retail">Future Retail</keyword> Limited on <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword>'s petition to set aside observations in the interim order of a single-bench in a suit filed by the retailer. On December 21, a single-member bench presided by Justice Mukta Gupta had refused to restrain Amazon from interfering in Future Retail's deal with Reliance by writing to the statutory authority in view of the Emergency Award. Pursuant to this, Amazon moved the division bench of the Delhi High Court against the order dated December 21. During the proceedings on Wednesday, the division bench of Chief Justice D.N. Patel and Justice Jyoti Singh issued notice to the Future Retail Limited and slated the matter to February 12. Advocate Gopal Subramanium and Rajiv Nayyar appeared for Amazon. Advocate Harish Salve came on behalf of Future Retail Limited, while Abhishek Manu Singhvi and Darius Khambata for Reliance. Amazon had dragged Future Group to arbitration at Singapore International Arbitration Centre after the firm signed a pact to sell retail, wholesale, logistics and warehousing units to Mukesh Ambani's Reliance in a Rs 24,713 crore deal. As per the Amazon, Future Retail Limited violated the contract by entering into the deal with Reliance. In a fresh plea before the Delhi High Court, Amazon stated, "The learned single Judge made certain prima facie observations on the merits of the Appellant's case in the arbitration proceedings which are inconsistent with the findings of the EA order and thus gravely prejudice the appellant." "The prima facie observations contained in the impugned order effectively resulted in allowing Future Retail Limited to collaterally bypass the EA order," Amazon said. Amazon said Future Retail has been relying on these prima facie observations to misconstrue the true import of the impugned order in an effort to mislead regulators to grant approval to the potential transactions which has forced Amazon to file an appeal to quash and set aside the prima facie observations.

Future Retail vs Amazon: Delhi HC asks the Kishore Biyani group to share responses to a plea filed by the e-commerce giant

The arbitration proceedings between Amazon and Kishore Biyani have begun in Singapore. Former Attorney General of Singapore, V.K. Rajah concluded arbitration hearing on Friday, October 16 and will deliver his ruling on or before Monday, October 26, sources said. Rajah, former Attorney General of Singapore, is the sole arbitrator in the Amazon vs. Future vs. Reliance arbitration matter. An emergency hearing of the arbitration took place in Singapore on Friday. 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. (FCPL) -- the holding company of Kishore Biyani. Gopal Subramanium, former Solicitor General of India, appeared for Amazon. The hearing is said to have lasted for 5 hours. The arbitrator V.K. Rajah said that he would deliver his judgment on or before Monday. That judgement will eventually decide the fate of Reliance's deal with the Future Group. Amazon's investment in FCPL is around Rs 1,500 crore, which is an insignificant amount for <keyword id="191583" type="PERSON" weightage="20" keywordseo="Jeff-Bezos">Jeff Bezos</keyword> -- the richest man in the world and CEO of Amazon. According to experts, Amazon's legal salvo at Future is indirectly aimed to thwart Reliance's attempt to establish its leadership position in the Indian retail sector. Analysts see this as a war between world's richest man Jeff Bezos, having a networth of $204.6 billion and India's richest man, <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> with a (net worth $ 88.4 billion for a control over India's retail sector.

Jeff Bezos and Mukesh Ambani's legal battle - a possible verdict on Monday will decide the fate of Reliance-Future Retail's deal

Market regulator SEBI gave a go-ahead on Wednesday to <keyword id="44949" type="CITY" weightage="20" keywordseo="Future-group">Future Group</keyword>'s scheme of arrangement and sale of assets to <keyword id="10926" type="CITY" weightage="20" keywordseo="Reliance">Reliance</keyword>, based on which the Bombay Stock Exchange also granted its "no adverse observation" report to the Rs 24,713-crore deal. Amazon had written several letters to the SEBI and other regulatory agencies to suspend their review of the deal and not grant it a no objection certification on ground that its challenge to the agreement was before the Delhi High Court. The Securities and Exchange Board of India allowed the deal with some riders, five months after it was announced last August. While seeking shareholders or the National Company Law Tribunal approval, the SEBI has asked Future Group to specifically mention the litigation pending before the Delhi High Court and arbitration proceedings by the e-commerce major Amazon contesting the deal, the Bombay Stock Exchange stated in its observation letter. The BSE has also held that SEBI's go-ahead on the draft scheme of arrangement would be subject to the outcome of these proceedings. "It is observed that there are certain ongoing litigations/arbitration/legal proceedings against the draft scheme," the SEBI said. "In view of the same, the company is advised that these comments of SEBI on the draft scheme of arrangement are subject to the outcome of any of the ongoing litigations/arbitration/legal proceeding involving the draft scheme and/or the decision by any competent authority/competent court in this regard," it said. Commenting on the development, a Amazon spokesperson said: "The letters issued by BSE &amp; NSE clearly state that comments of SEBI on the "draft scheme of arrangement" (proposed transaction) are subject to the outcome of the ongoing arbitration and any other legal proceedings. We will continue to pursue our legal remedies to enforce our rights." The SEBI has directed that Future Group shall ensure that the details of the complaints made by Amazon.com NV Investment Holdings LLC and submission of its group firm <keyword id="375475" type="COMPANY" weightage="20" keywordseo="Future-Retail">Future Retail</keyword>. The market regulator directed Future Group to ensure that suitable disclosure about the latest financials of the companies involved in the scheme being not more than six months old was done before filing the same with the NCLT, the BSE said its observation letter. "In the light of above, we hereby advise that we have no adverse observations with limited reference to those matters having a bearing on listing/de-listing/continuous listing requirements within the provisions of Listing Agreement, so as to enable the company to file the scheme with Hon'ble NCLT," the BSE said. The validity of this observation Letter shall be six months, within which the scheme shall be submitted to the NCLT, according to BSE. The exchange reserves its right to withdraw its 'no adverse observation' at any stage if the information submitted is found to be incomplete/incorrect/misleading/false or for any contravention of rules, by-laws and regulations of the exchange, listing agreement, guidelines/regulations issued by statutory authorities," it said. In August 2019, Amazon had agreed to purchase 49 per cent of one of Future's unlisted firms -- Future Coupons Ltd -- with the right to buy into the flagship Future Retail after a period of three to 10 years. Future Coupons holds 7.3 per cent equity in the BSE-listed Future Retail, which operates popular supermarket and hypermarket chains like Big Bazaar -- through convertible warrants. Amazon had dragged Future Group to arbitration at the Singapore International Arbitration Centre (SIAC), arguing that Future violated its contract with the US firm by entering into the deal with rival Reliance. Last October, the SIAC had passed an interim award in favour of Amazon with a single-judge bench of V K Rajah barring Future Retail from taking any step to dispose of or encumber its assets or issuing any securities to secure any funding from a restricted party. Later, the Future Group approached the high court requesting to restrain Amazon from writing letters to regulatory authorities about the SIAC arbitral order. On December 21, a single-member bench rejected it but gave a go-ahead to the regulators to decide over the deal. The court had also made several observations indicating that Amazon's attempt to control Future Retail through a conflation of agreements Amazon has with an unlisted unit of the Indian company would be violative of the Foreign Exchange Management Act and the foreign direct investment rules. Amazon has now challenged the order before the division bench. Moreover, a three-member tribunal comprising Singaporean barrister Michael Hwang, Albert van den Berg and Jan Paulsson, has been formed at the SIAC to look into the tussle between Amazon and Future Group. It has countered Amazon's claims, saying the e-commerce giant had failed to provide any help to the debt-laden firm that suffered a massive setback during the coronavirus lockdown. Amazon contends that there were ongoing discussions on multiple options with partners and with the promoters of Future.

Future Retail-Reliance deal gets SEBI approval, Amazon says it will continue to fight legally

<ul><li>The shares of Reliance Industries and Future Retail cracked 2% and 6% during the early trading hours on Monday. </li><li>The Singapore-based single judge arbitration panel asked Future group to stall its retail business deal with RIL until the arbitration panel decides on it.</li><li>The decision also moved other Future Group stocks such as — Future Lifestyle Fashions trading 8% lower and Future Enterprises down nearly 5%, among others. </li></ul>The shares of Reliance Industries and Future Retail cracked 2% and 6%, respectively, after a Singapore-based single judge arbitration panel asked Future Group to stall its retail business deal with RIL. VK Rajah, the sole arbitrator in the Amazon vs Future vs Reliance arbitration case, while passing an interim award in favour of Amazon, asked the Future Group to put the retail deal with RIL on hold until the arbitration panel decides on the matter. <div type="image" title="Future Retail (1)" msid="78866017" hostid="261"></div> The decision also moved other Future Group stocks such as — Future Lifestyle Fashions trading 8% lower and Future Enterprises down nearly 5%, among others. <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/429a10df-fa77-4b60-b000-3f96e06719da.pdf">Future Retail (FRL) also informed investors </a>that it is examining the communication and the order. However it further added that Future Retail is not party to the agreement under which Amazon has invoked arbitration proceedings. “In any enforcement proceedings, FRL would take appropriate steps to ensure that the proposed transaction will proceed unhindered without any delay,” it said in a statement. Reliance Industries too intends to complete the transaction Mukesh Ambani-led Reliance Industries too said that it intends to enforce its rights and complete the transaction with Future Retail. Reliance Retail Ventures in a statement said that it has entered into the transaction for the acquisition of assets and business of Future Retail under proper legal advice and the rights and obligations are fully enforceable under Indian law. <div type="image" title="RIL" msid="78866026" hostid="261"></div> “RRVL intends to enforce its rights and complete the transaction in terms of the scheme and agreement with Future group without any delay,” RRVL said in a statement. What triggered the Amazon vs Future Group case? Earlier this month, e-commerce giant Amazon.com stepped in and said that Future Group violated a contract with it by entering into the sale agreement with the Mukesh Ambani-led retail major. This after Reliance Retail acquired Kishore Biyani’s Future Group in August for ₹25,000 crore in a<a href="https://www.businessinsider.in/retail/news/mukesh-ambani-reliance-retail-acquires-kishore-biyani-future-group-for-25000-crore-in-a-slump-sale/articleshow/77825144.cms"> slump sale.</a> Last year, Amazon acquired a 49% stake in Future Coupons, a Future group entity. And earlier this month, the e-commerce giant sent a legal notice over the Reliance-Future retail deal, saying that it had been <a href="https://www.businessinsider.in/business/ecommerce/news/amazon-fights-for-its-rights-in-the-future-retail-reliance-deal-sends-legal-notice-to-the-kishore-biyani-group/articleshow/78547247.cms">denied the Rights of First Refusal </a>for the deal with Future Group. (with inputs from wire services) SEE ALSO: <a href="https://www.businessinsider.in/tech/news/the-first-satellite-with-ai-onboard-is-now-in-orbit-and-its-tech-could-completely-change-how-we-respond-to-wildfires/articleshow/78858333.cms" data-type="tilCustomLink">The first satellite with AI onboard is now in orbit, and its tech could completely change how we respond to wildfires</a> <a href="https://www.businessinsider.in/stock-market/news/the-stock-market-has-historically-performed-better-when-the-incumbent-president-wins-reelection-according-to-one-analysis/articleshow/78858968.cms" data-type="tilCustomLink">The stock market has historically performed better when the incumbent president wins reelection, according to one analysis</a>

RIL, Future Retail stocks under pressure after Singapore arbitration court rules in favour of Amazon

<ul><li>On Thursday, the <keyword id="6355014" type="UNKNOWN" weightage="20" keywordseo="delhi-high-court">Delhi High Court</keyword> upheld the emergency arbitrator’s award in favour of the Jeff Bezos-led company.</li><li>The shares of Kishore Biyani’s <keyword id="375475" type="COMPANY" weightage="20" keywordseo="Future-Retail">Future Retail</keyword> plunged by 9.99% on Friday morning.</li><li>However, Future Group said that the order would have no impact as the matter is in the Supreme Court.</li></ul>The shares of Kishore Biyani’s Future Retail Ltd plunged 9.99% at 11.25 am on Friday, one day after Future Group lost the case against <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword> in the Delhi High Court. The company’s shares were trading at ₹55.85 at the time. The debt-ridden Future Retail, whose woes only worsened during the COVID-19 pandemic, had been acquired by Asia’s richest man Mukesh Ambani’s Reliance Retail. But for over six months, the deal has been tangled in legal cases, with an opposition from e-commerce giant Amazon. Over the last year, Future Retail’s share price has more than halved. <div type="image" title="frl share price" msid="81583605" hostid="261"></div> On Thursday, the Delhi High Court upheld the emergency arbitrator’s award in favour of the Jeff Bezos-led company. The judgement given by Justice JR Midha said that Future Retail, Future Coupons, Kishore Biyani and others violated the Emergency Award, and also questioned ‘why should they not be detained in prison,’ reported legal news platform <a href="https://twitter.com/barandbench/status/1372508624497508361">Bar &amp; Bench.</a> The High Court also directed Future Group to approach authorities to recall all approvals granted to Future Retail-Reliance deal. The court also asked Biyani’s Future Group to place on record any action taken by it in connection with the Reliance deal after October 25, 2020, while also slapping a ₹20 lakh fine on the company. In a regulatory filing today morning, Future Retail said that “this order does not come in the way of continuance of the ongoing NCLT proceedings”, as the matter is already in the Supreme Court. Earlier in January 2021, Future Group had moved the National Company Law Tribunal (NCLT) seeking an approval to hold its shareholders meeting for the scheme of amalgamation with Reliance group. “The Hon’ble Supreme Court, in its order in Amazon’s appeal, has not vacated the stay granted by the Hon’ble Division Bench (which stay is still in operation). The Hon’ble Supreme Court has directed that, in the meantime, the NCLT proceedings will be allowed to go on but will not culminate in any final order of sanction of scheme,” said the company. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/delhi-high-court-brings-up-civil-prison-for-violation-directs-future-group-to-recall-approvals-granted-to-future-retail-reliance-deal/articleshow/81570521.cms">Kishore Biyani vs Amazon – Delhi High Court brings up ‘civil prison’ for violation by Future Group, asks for recall of approvals granted to Future Retail-Reliance deal</a> <a href="https://www.businessinsider.in/stock-market/news/easemytrip-ipo-listing-price-at-13-5-premium/articleshow/81581828.cms">EaseMyTrip lists at 13.5% premium – but gives up some of the listing gains soon after</a>

Future Retail shares take a massive hit as it loses the case against Amazon in Delhi High Court

New Delhi, <keyword id="44950" type="PERSON" weightage="20" keywordseo="Kishore-Biyani">Kishore Biyani</keyword>, Future Coupons and Future Corporate Resources have said that totally disillusioned and fed up with <keyword id="18635" type="COMPANY" weightage="20" keywordseo="Amazon">Amazon</keyword>'s lackadaisical attitude, they were left with no option but to accept the offer from <keyword id="10926" type="COMPANY" weightage="20" keywordseo="Reliance">Reliance</keyword>. This communication to Amazon is a response to their notices and addressed on behalf of Future Corporate Resources Private Limited (FCRPL), Kishore Biyani and other promoters. "At the further outset, we deny that we have acted contrary to and reneged on contractual obligations for personal gain or benefit, as alleged or at all. Such assertions are wholly unsubstantiated," Biyani said. "You were well aware that in light of the disruption caused due to the Covid-19 pandemic, the lenders were chasing various companies of the Future Group for honouring their obligations," he said. "Being totally disillusioned and fed up with your lackadaisical attitude, we were left with no option, but to accept the offer from the Reliance. Given the fact that Reliance is one of the largest conglomerates in the country and globally, we believed that this was the best deal in the interest of all the stakeholders of various companies of Future group including FRL, as it addressed the concerns of the lenders, employees, shareholders (public shareholders of the listed companies) of the Future Group companies including FRL. You, alone, are responsible for contributing to this situation, having failed to bail out FCPL and/or the Promoters from preventing alienation or disposal of the Promoter FRL Securities," Biyani told Amazon. "In fact, during the period March to August 2020, all your actions lacked good faith. Except for offering lip service and perfunctorily attempting to show your concern, there were no serious or genuine efforts made by you. The correspondence during this period bears out that you really had no intention to assist the Promoters/FCPL in preventing the alienation or disposal of the <keyword id="375475" type="COMPANY" weightage="20" keywordseo="Future-Retail">Future Retail</keyword> shares. What you merely did, was put up a facade of 'facilitating' the raising of finance by the Promoters," Biyani said. "In such dire circumstances, you were not expected to sit on the fence by simply calling for information and data and doing nothing to prevent the alienation and disposal of the Promoter FRL Securities. The least you could have done, was to nominate replacement financial institutions (RFIs) as soon as possible, or within reasonable time. By not nominating any RFIs, you contributed to the deterioration of the asset value of Promoters FRL Securities," Biyani said. Biyani said if the transaction with the Reliance/MDA Group was not finalised, FRL would inevitably have faced insolvency and/or liquidation, in which event, the entire equity would have been wiped out, leaving you with nothing. "We, therefore, deny having acted for personal gain, as alleged or at all. We have, in fact, acted in public interest, namely, in the interest of the banks, other lenders, and public shareholders. We have also ensured that the investments of FCPL continue to remain encumbrance free," he said. "Your contention, that there is a 'single integrated transaction', also violates the Foreign Exchange Management Act, 1999 (FEMA). Therefore, the two SHAs must be regarded as independent," he said. Biyani said, "We put-forth various alternative proposals for your consideration, including a proposal to increase Amazon's effective shareholding in FRL from 4.8 to 19.1 per cent, by investing an additional Rs 1,11,470 Crores, we made attempts to negotiate with other financial institutions and/or funds (for example Samara) to prevent alienation or disposal of Promoter FRL Securities, we could not go ahead with Samara because they wanted your NOC which was not forthcoming; we also explored the possibility of forming a consortium of financial institutions including other investors, who wanted your participation, which you did not consent to, using FDI laws as the reason, you were at all times fully aware of the exclusivity period with Reliance of four weeks from July 2, 2020 and its extension upto August 14, but as party to FCPL SHA made no concrete plan or proposal."

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Amazon writes to SEBI again, asking it to suspend review of the Future Retail-Reliance deal

PTI

Future Retail tells the bourses that not every stage of the Amazon proceedings would be ‘material event for disclosure’

Sanchita Dash

Amazon, Future Retail battle far from over – Jeff Bezos-led e-commerce giant moves Supreme Court to stop Kishore Biyani’s deal with Reliance

IANS

Amazon gets interim relief, Delhi High Court directs Future Retail to maintain status quo on deal with Reliance

PTI

Future Retail vs Amazon: Delhi HC asks the Kishore Biyani group to share responses to a plea filed by the e-commerce giant

IANS

Jeff Bezos and Mukesh Ambani's legal battle - a possible verdict on Monday will decide the fate of Reliance-Future Retail's deal

IANS

Future Retail-Reliance deal gets SEBI approval, Amazon says it will continue to fight legally

PTI

RIL, Future Retail stocks under pressure after Singapore arbitration court rules in favour of Amazon

Navdeep Yadav

Future Retail shares take a massive hit as it loses the case against Amazon in Delhi High Court

Sanchita Dash

Kishore Biyani lashes out at Amazon, says Future Group was disillusioned and fed up with the company's lackadaisical attitude

IANS

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