Lawstreet Journal

Future Retail to Delhi High court, declare arbitration with Amazon illegal

Lawstreet Journal 3 Jan 2022 11:47pm

Image courtesy: Lawstreet Journal Business Future Retail to Delhi High court, declare arbitration with Amazon illegal

New Delhi, Future Retail argues that since the 2019 deal no longer has antitrust approval, it has "no legal existence" in India, and Amazon can no longer assert its rights at SIAC.

Future Retail (Big Bazaar) has asked the Delhi High court to declare ongoing arbitration proceedings with Amazon.com illegal. It argued that India's antitrust agency had suspended the 2019 deal that Amazon.com used to assert its rights over Future Group.

Amazon successfully used the terms of its toehold $200 million investment in debt-laden Future to block the attempt's attempt to sell retail assets to a rival. Alleging breach of certain contracts.

But the Competition Commission of India (the Indian antitrust body,) has suspended the 2019 deal in December, saying Amazon suppressed information while seeking approvals.

 

Continue Reading...

Tagged: Future Group   Amazon   Reliance Industries  
Disclaimer: SoOLEGAL in Media collaboration with Lawstreet Journal. SoOLEGAL take no responsbility for the content provided by Lawstreet Journal. For any discrepancies Contact Lawstreet Journal.
Did you find this write up useful? YES 0 NO 0
×

C2RMTo Know More

Something Awesome Is In The Work

0

DAYS

0

HOURS

0

MINUTES

0

SECONDS

Sign-up and we will notify you of our launch.
We’ll also give some discount for your effort :)

* We won’t use your email for spam, just to notify you of our launch.
×

SAARTHTo Know More

Launching Soon : SAARTH, your complete client, case, practise & document management SAAS application with direct client chat feature.

If you want to know more give us a Call at :+91 98109 29455 or Mail info@soolegal.com