On 28 August India’s Future Retail has filed a fresh case in Supreme Court against Amazon.com Inc in its latest effort to seek clearance for its $3.4 billion retail assets sale.
It must be noted that the apex court had this month dealt a blow to Future Retails when it said an interim decision by a Singapore arbitrator in October 2020 that put its deal with Reliance Industries on hold – following Amazon’s complaint – was valid in India.
During the hearing, the top court had said that Future Retail could not appeal a lower court’s decision against it.
After that, taking a step further, the retailer is now asking the top court to hear the challenge.
Also, Future Retail in its over 6,000-page filing has argued that if the deal with Reliance doesn’t go through, it would cause “unimaginable” damage to the group.
Because of that jobs can be lost for 35,575 employees, and put at risk roughly Rs 28,000 crore ($3.81 billion) in bank loans and debentures.
Future counsel Yugandhara Pawar Jha said in the Supreme Court filing, “There is extreme urgency to hear this petition.”
It must be noted that Amazon had for months in a dispute with Future, and accused the Indian firm of violating contracts when it sold its retail assets to market leader Reliance last year.
Notably, Amazon has been in dispute with Futures for months, and the Indian company was accused of breach of contract when it sold its retail assets to market leader Reliance last year, which denies any injustice in the future.
The controversy erupted after Future, India’s second-largest retailer with more than 1700 stores.
Including the Big Bazar supermarket, Reliance had a deal to sell its retail business but Covid-19 hit its operations hard last year.