• Legal Era India
  • Legal Era Global
  • Membership
  • Sign inSUBSCRIBE
Legal Era
X
Sign in
  • Home
  • News
    +
    • From the Courts
    • Policy & Law
    • Supreme Court (India)
    • High Court (India)
    • TAX Updates
    • MARKET WATCH
    • Deal Street
    • Global Insights
    • IBC Cases
    • Hires & Moves
    • IP News
    • Competition Verdict
    • Global Articles
    • Global Deals
  • Articles
    +
    • ABOUT THE LAW
    • AWARDS & ACCOLADES
    • Aerospace
    • Agriculture
    • Alternate Dispute Resolution
    • Banking and Finance
    • Bankruptcy
    • Book Review
    • Bribery & Corruption
    • Commercial Litigation
    • Competition Law
    • Conference Reports
    • Consumer Products
    • Contract
    • Corporate Governance
    • Corporate Law
    • Covid-19
    • Cryptocurrency
    • Cybersecurity
    • Data Protection
    • Defence
    • Digital Economy
    • E-commerce
    • Employment Law
    • Energy and Natural Resources
    • Entertainment and Sports Law
    • Environmental Law
    • FDI
    • Food and Beverage
    • Health Care
    • IBC Diaries
    • Insurance Law
    • Intellectual Property
    • International Law
    • Labour Laws
    • Litigation
    • Litigation Funding
    • Manufacturing
    • Mergers & Acquisitions
    • NFTs
    • Privacy
    • Private Equity
    • Project Finance
    • Real Estate
    • Risk and Compliance
    • Technology Media and Telecom
    • Tributes
    • Zoom In
    • Take On Board
    • In Focus
    • Law & Policy and Regulation
    • IP & Tech Era
    • Viewpoint
    • Arbitration & Mediation
    • Tax
    • Student Corner
    • ESG
    • Gaming
    • Inclusion & Diversity
  • Law Firms
    +
    • Global Law Firm
    • Asia Law Firm
    • India Law Firm
  • In-House
  • Rankings
  • E-Magazine
  • Legal Era TV
  • Legal Era TV
  • Events
  • News
    • From the Courts
    • Policy & Law
    • Supreme Court (India)
    • High Court (India)
    • TAX Updates
    • MARKET WATCH
    • Deal Street
    • Global Insights
    • IBC Cases
    • Hires & Moves
    • IP News
    • Competition Verdict
    • Global Articles
    • Global Deals
  • Articles
    • ABOUT THE LAW
    • AWARDS & ACCOLADES
    • Aerospace
    • Agriculture
    • Alternate Dispute Resolution
    • Banking and Finance
    • Bankruptcy
    • Book Review
    • Bribery & Corruption
    • Commercial Litigation
    • Competition Law
    • Conference Reports
    • Consumer Products
    • Contract
    • Corporate Governance
    • Corporate Law
    • Covid-19
    • Cryptocurrency
    • Cybersecurity
    • Data Protection
    • Defence
    • Digital Economy
    • E-commerce
    • Employment Law
    • Energy and Natural Resources
    • Entertainment and Sports Law
    • Environmental Law
    • FDI
    • Food and Beverage
    • Health Care
    • IBC Diaries
    • Insurance Law
    • Intellectual Property
    • International Law
    • Labour Laws
    • Litigation
    • Litigation Funding
    • Manufacturing
    • Mergers & Acquisitions
    • NFTs
    • Privacy
    • Private Equity
    • Project Finance
    • Real Estate
    • Risk and Compliance
    • Technology Media and Telecom
    • Tributes
    • Zoom In
    • Take On Board
    • In Focus
    • Law & Policy and Regulation
    • IP & Tech Era
    • Viewpoint
    • Arbitration & Mediation
    • Tax
    • Student Corner
    • ESG
    • Gaming
    • Inclusion & Diversity
  • Law Firms
    • Global Law Firm
    • Asia Law Firm
    • India Law Firm
  • In-House
  • Rankings
  • E-Magazine
  • Legal Era TV
  • Legal Era TV
  • Events
search-icon

Top Stories

HomeNews
9 Oct 2020 9:01 AM GMT

AMAZON DISPUTE WITH FUTURE GROUP GOES TO SIAC

By Legal Era
AMAZON DISPUTE WITH FUTURE GROUP GOES TO SIAC

AMAZON DISPUTE WITH FUTURE GROUP GOES TO SIACAmazon Inc. has approached the Singapore International Arbitration Centre (SIAC), alleging that Future Group violated the contract under which Amazon took a stake in its subsidiary, and is seeking that the Future-Reliance deal be halted. SIAC offers an alternative dispute resolution process arising from cross-border transactions.Amazon...

ToRead the Full Story, Subscribe to Legal Era

Access the exclusive LEGAL ERAStories,Editorial and Expert Opinion

Subscribe Now
AlreadyaSubscriber?SigninNow
View Plans


  AMAZON DISPUTE WITH FUTURE GROUP GOES TO SIAC



Amazon Inc. has approached the Singapore International Arbitration Centre (SIAC), alleging that Future Group violated the contract under which Amazon took a stake in its subsidiary, and is seeking that the Future-Reliance deal be halted.


SIAC offers an alternative dispute resolution process arising from cross-border transactions.


Amazon agreed to purchase 49% of one of Future's unlisted firm Future Coupons last year, with the right to buy into flagship Future Retail Ltd. This right is exercisable between the third and the 10th year after the purchase.


Amazon had also sent a legal notice to the Future Group over its Rs. 24,700-crore asset sale to Reliance Retail Ventures Ltd, terming it to be a breach of an agreement between Amazon and Future inked in 2019. Amazon has also written to the stock exchanges and stock market regulator.


According to an Amazon official, the company has initiated steps to enforce its contractual rights as it approached the SIAC.


According to sources, it has been mentioned in the contract between Amazon and Future Group that any disputes regarding breach of agreement will be taken before the SIAC.


An Amazon official has said that Future Group has not yet responded to the legal notice, and as per terms of the mutually agreed contract, the case has been moved to SIAC. Amazon's main aim is to ensure enforcement of the contractual obligations, which indirectly will affect the RIL-Future deal since the SIAC may now loop in Indian regulators, which would have to approve the deal.


Amazon claims that a clause between Future Group and Amazon clearly stated that Future Group could not sell any asset within 10 years of the deal with Amazon. The right of first refusal (RoFR) was on Biyani's own shares.


It is pertinent to note that with the acquisition of the retail business of Future Group, Reliance Retail has become one of the biggest competitors to Amazon and Walmart Inc.-owned Flipkart in India.

Next Story
TAGS:
  • #Amazon
  • #SIAC
  • #Future Group
  • #Kishore Biyani
Similar Posts
Trending Now
Recommended Articles
  • News
  • From the Courts
  • Supreme Court (India)
  • High Court (India)
  • Global Insights
  • Deal Street
  • Hires & Moves
  • Refund & Cancellation Policy
  • Articles
  • Zoom In
  • Take On Board
  • In Focus
  • Law & Policy
  • IP & Tech Era
  • Viewpoint
  • Arbitration & Mediation
  • Tax
  • Student Corner
  • Interviews
  • Law Firms
  • E-Magazine
  • Legal Era TV
  • Membership
  • Reader's Feedback
  • Cartoons
  • Subscribe
  • Advertise
Follow Us
Subscribe Newsletter
  • 2023© All rights reserved Legal Era Media Group
  • Who We Are
  • Careers
  • Advertise with Us
  • Contact Us
  • Privacy Policy
  • Terms and Conditions
Powered by  Hocalwire
X
X