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<ul><li>The <keyword id="23134822" type="General" weightage="20" keywordseo="Amazon-Great-Indian-Festival" source="keywords">Amazon Great Indian Festival</keyword> Sale 2024 is now live for all users.</li><li>The sale brings huge discounts across a wide range of products, including smartphones.</li><li>Here are some of the <keyword id="5025075" type="General" weightage="100" keywordseo="best-deals-on-smartphones" source="Orion">best deals on smartphones</keyword> on the Great Indian Festival Sale on Amazon.</li></ul>Festive season is almost here and e-commerce giant Amazon is currently hosting the<a href="https://www.businessinsider.in/business/ecommerce/news/the-amazon-great-indian-festival-2024-best-deals-and-offers/articleshow/113701988.cms"> Great Indian Festival Sale 2024</a>, which is now live for all users. The sale brings discounts across a wide range of products including smartphones, tablets, laptops, wearables, home appliances, apparel and more. For those looking to get a new smartphone, this is the perfect opportunity to get one at a discounted price during the Great Indian Festival sale. In this post, we have curated some of the best deals on smartphones on the Amazon Great Indian Festival sale 2024 to make sure you don’t miss out on them. <div type="Article" hostid="261" msid="113701988" title="The Amazon Great Indian Festival 2024 – Best deals and offers" mstype="2" mssubtype="0"></div> Bank offers In addition to the discounts offered by Amazon, you can avail of an additional 10% instant discount on SBI debit cards and credit cards. Oneplus Open <cmsannotation type="cmsannotation" annotationid="B0CKTPK4FG" comment="amazoncard" text="B0CKTPK4FG">B0CKTPK4FG</cmsannotation> OnePlus Open is a good option for those looking for a foldable smartphone. The OnePlus Open features a 7.82-inch 2K AMOLED LTPO inner display and a 6.31-inch 2K AMOLED LTPO display. It is powered by the Snapdragon 8 Gen 2 processor and comes with 16GB RAM and 512GB of internal storage. It features a triple camera setup at the back and comes with a 32MP selfie camera on the cover screen and a 20MP camera on the inner screen. It is powered by a 4,805mAh battery and comes with 67W fast charging support The smartphone is currently available for ₹99,999, down from its original price of ₹1,39,999. Samsung Galaxy S24 5G <cmsannotation type="cmsannotation" annotationid="B0CS5ZZMN8" comment="amazoncard" text="B0CS5ZZMN8">B0CS5ZZMN8</cmsannotation> If you are in the market for a powerful and reliable Android smartphone, the Samsung Galaxy S24 5G is an excellent option. It features a 6.2-inch Full HD+ Dynamic AMOLED display with a 120Hz refresh rate. It is powered by the Exynos 2400 chipset coupled with 8GB RAM and up to 512GB of internal storage. It features a triple camera setup at the back and comes with a 12MP front camera. It is powered by a 4,000mAh battery and comes with 25W charging support. The phone is currently available for ₹62,999, down from its original price of ₹74,999. OnePlus 12 <cmsannotation type="cmsannotation" annotationid="B0CQPPZWVD" comment="amazoncard" text="B0CQPPZWVD">B0CQPPZWVD</cmsannotation> The OnePlus 12 is a good option for those looking for a flagship Android smartphone without burning a hole in your pocket. The OnePlus 12 5G is the company’s current flagship smartphone and features a large 6.82-inch Quad HD+ Fluid AMOLED display with a 120Hz refresh rate. It is powered by the 8 Gen 3 chipset coupled with 12GB RAM and 256GB of internal storage. The device sports a triple camera setup at the back and offers a 32MP selfie camera. The smartphone is powered by a large 5,400mAh battery and comes with 100W fast charge support and 50W wireless charging support. The smartphone is currently available for ₹55,999, with card offers and a coupon, down from its original price of ₹64,999. Apple iPhone 13 <cmsannotation type="cmsannotation" annotationid="B09G9BL5CP" comment="amazoncard" text="B09G9BL5CP">B09G9BL5CP</cmsannotation> If you are looking to purchase an iPhone without burning a hole in your pocket, the iPhone 13 is currently available at a discounted price. The iPhone 13 features a large 6.1-inch Super Retina display and is powered by the powerful A15 Bionic chipset. The device features a dual camera setup at the back consisting of a 48MP primary camera and is equipped with a 12MP selfie camera. The iPhone 13 128GB variant is currently available for ₹41,999, down from its original price of ₹59,900. Honor 200 5G <cmsannotation type="cmsannotation" annotationid="B0D6VJ6FYG" comment="amazoncard" text="B0D6VJ6FYG">B0D6VJ6FYG</cmsannotation> If you are looking for a mid-range smartphone with a clean UI, the Honor 200 5G is worth considering. The smartphone features a 6.7-inch Full HD+ curved OLED display with a 120Hz refresh rate and is powered by the Snapdragon 7 Gen 3 chipset. The smartphone comes with a triple camera setup at the back consisting of a 200MP primary camera. On the front, the device sports a 50MP camera for selfies and video calling. It is powered by a 5,200mAh battery and supports 100W fast charging. The Honor 200 is currently available for ₹24,998, down from its original price of ₹39,999. Samsung Galaxy M35 5G <cmsannotation type="cmsannotation" annotationid="B0D8134JH8" comment="amazoncard" text="B0D8134JH8">B0D8134JH8</cmsannotation> If you do not wish to splurge on a flagship smartphone and are looking for something affordable, the Galaxy M35 5G is a good option. It features a 6.6-inch Full HD+ Super AMOLED display and is powered by the Exynos 1380 chipset coupled with 6GB of RAM and 128GB of internal storage. The device features a triple camera setup at the back and comes with a 13MP selfie camera. It is powered by a large 6,000mAh battery with 25W charging support, offering a long battery life. The Samsung Galaxy M34 5G is currently available for ₹14,999, down from its original price of ₹24,499. Disclaimer - When you purchase through links on Business Insider India, we may earn an affiliate commission. SEE ALSO: <a href="https://www.businessinsider.in/business/ecommerce/news/the-amazon-great-indian-festival-2024-best-deals-and-offers/articleshow/113701988.cms">The Amazon Great Indian Festival 2024 – Best deals and offers</a> <a href="https://www.businessinsider.in/business/telecom/news/airtel-is-using-ai-powered-technology-to-block-spam-calls-and-messages/articleshow/113691942.cms">Airtel is using AI-powered technology to block spam calls and messages</a> <a href="https://www.businessinsider.in/business/auto/news/hyundai-motor-indias-25000-crore-ipo-gets-sebi-approval-indias-biggest-ipo-expected-to-launch-in-october/articleshow/113658837.cms">Hyundai Motor India’s ₹25,000 crore IPO gets SEBI approval – India’s biggest IPO expected to launch in October</a>

Amazon Great Indian Festival Sale 2024 – best deals on smartphones

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

The <keyword id="6355014" type="UNKNOWN" weightage="20" keywordseo="delhi-high-court">Delhi High Court</keyword> Wednesday sought response of the Centre, <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>, <keyword id="35210" type="ORGANIZATION" weightage="20" keywordseo="sebi">SEBI</keyword>, IRDAI and National Payments Corporation of India (<keyword id="193629" type="CITY" weightage="20" keywordseo="NPCI">NPCI</keyword>) on a PIL seeking a detailed legal framework for regulating operations of techfin companies such as <keyword id="6354576" type="UNKNOWN" weightage="20" keywordseo="facebook">Facebook</keyword>, Google and Amazon in India's financial sector space. According to the petition filed by an economist, techfin entities are technology, telecommunications or e-commerce companies which have entered the financial sector to provide financial services and need to be regulated. A bench of Chief Justice D N Patel and Justice Prateek Jalan issued notice to the ministries of finance and law as also Reserve Bank of India (RBI), NPCI, Insurance Regulatory and Development Authority of India (IRDAI), Securities and Exchange Board of India (SEBI) and the Pension Fund Regulatory and Development Authority (PFRDA) seeking their stand on the plea by Resmi P Bhaskaran Bhaskaran, in her plea filed through advocate Deepak Prakash, has alleged that the "lackadaisical approach" of Indian financial regulators permits unregulated operation of techfin firms and claims that this could adversely affect the financial stability of the country. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/icertis-helps-google-microsoft-and-apple-manage-their-contracts-is-hiring-for-techies-and-people-in-sales/articleshow/79640659.cms">EXCLUSIVE: This Indian unicorn helping Google, Microsoft and Apple manage their contracts is hiring⁠— it needs techies as well as people in sales</a> <a href="https://www.businessinsider.in/business/corporates/news/tata-group-company-voltas-is-telling-analysts-that-it-may-hike-ac-prices-by-3-4-to-cover-rising-input-costs/articleshow/79624340.cms">Voltas is telling analysts that it may hike AC prices by 3-4% to cover rising input costs</a> <a href="https://www.businessinsider.in/science/environment/news/mount-everest-taller-by-2-8-feet-as-nepal-and-china-set-aside-their-differences/articleshow/79622601.cms">Mount Everest is 2.8 feet taller as China and Nepal finally agree on the height of the world's highest peak</a>

An Indian Court wants response from authorities on Facebook, Google and Amazon Pay's allegedly unregulated financial ops

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

<keyword id="18635" type="General" weightage="20" keywordseo="amazon" source="Orion">Amazon</keyword> is starting the year back in the black. The e-commerce giant on Thursday reported a <keyword id="6362247" type="General" weightage="20" keywordseo="profit" source="Orion">profit</keyword> of USD 3.2 billion for the first quarter, far exceeding analysts' estimates, CNN Business reported on Friday. The Seattle-headquartered firm reported a loss of USD 3.8 billion in the year-ago quarter. The swing to a profit comes as Amazon has ramped up its cost-cutting measures in recent months. The company has announced two rounds of <keyword id="6357067" type="General" weightage="20" keywordseo="layoffs" source="Orion">layoffs</keyword>, cancelled products and nixed physical store expansions, according to CNN Business. It also comes as key areas of Amazon's business continue to grow despite lingering recession fears possibly weighing on corporate and consumer spending. The company's revenue increased 9 per cent during the quarter from the prior year. Amazon expects second-quarter net sales to grow between <keyword id="98680" type="General" weightage="20" keywordseo="5-per-cent" source="Orion">5 per cent</keyword> and 10 per cent from the same period the year before, or be between USD 127 billion and USD 133 billion, CNN Business reported. "The results indicate that ongoing cost-cutting measures are having a positive impact on Amazon's business prospects," said Jesse Cohen, senior analyst at Investing.com. "Amazon's strong guidance for Q2 revenue is another indicator that the company may be starting to come out of the woods." Amazon Web Services, which has long served as a profit engine for the company, also experienced double-digit percentage growth during the quarter, in another positive sign for its overall business. <keyword id="291131" type="General" weightage="20" keywordseo="aws" source="Orion">AWS</keyword> segment sales rose 16 per cent from the year before to USD 21.4 billion, CNN Business said, adding, "That comes after sales growth slowed in the previous quarter, as cloud customers tightened their purse strings due to uncertainty about the economy's health." "While our AWS business navigates companies spending more cautiously in this macro environment, we continue to prioritise building long-term customer relationships," Chief Executive Officer Andy Jassy said in a statement accompanying the earnings release. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/indian-stock-indices-hold-steady-as-investors-monitor-earnings-wipro-is-top-gainer/articleshow/99834835.cms">Indian stock indices hold steady as investors monitor earnings; Wipro is top gainer</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/sebi-bans-five-entities-in-lic-front-running-case-impounds-2-44-crore/articleshow/99837998.cms">SEBI bans five entities in LIC front running case, impounds ₹2.44 crore</a>

Amazon posts USD 3.2-bn profit as it goes through multiple layoffs

Mumbai, The <keyword id="63783" type="COMPANY" weightage="20" keywordseo="Securities-and-Exchange-Board">Securities and Exchange Board</keyword> of India (<keyword id="35210" type="COMPANY" weightage="20" keywordseo="sebi">SEBI</keyword>) has imposed a penalty of ₹25 crore and ₹15 crore respectively on <keyword id="6355199" type="DOMAIN" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> (RIL) and its Chairman <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> for <keyword id="4916480" type="PERSON" weightage="20" keywordseo="manipulative-trading">manipulative trading</keyword>. The <keyword id="529056" type="PERSON" weightage="20" keywordseo="Sebi-order">SEBI order</keyword> observed that RIL had entered into a well-planned operation with its agents to corner the open interest in the RPL (Reliance Petroleum) futures and to earn undue profits from the sale of RPL shares in both cash and futures segments and to dump large number of RPL shares in the cash segment during the last ten minutes of trading on the settlement day resulting in a fall in the settlement price. The case pertains to 2007. It also observed that Mukesh Ambani being the Chairman &amp; Managing Director of RIL, was responsible for its day-to-day affairs and thereby, liable for the "manipulative trading" done by RIL. The order noted that <keyword id="656309" type="PERSON" weightage="20" keywordseo="Navi-Mumbai-SEZ">Navi Mumbai SEZ</keyword> Pvt Ltd and Mumbai SEZ Ltd have allegedly aided and abetted RIL by providing funds to one of the agents appointed by RIL, who in turn provided funds to other 11 agents for making the margin payments for the short positions in RPL November Futures. The capital market regulator imposed penalties of ₹20 crore and ₹10 crore on Navi Mumbai SEZ and Mumbai SEZ respectively. As per SEBI, it was observed that a resolution was passed by the <keyword id="136326" type="COMPANY" weightage="20" keywordseo="Board-of-Directors">Board of Directors</keyword> of on March 29, 2007 which approved the operating plan for the year 2007-08 and resource requirements of the next two years -- around Rs. 87,000 crore. Thereafter, RIL decided to sell approximately 5 per cnet of its shareholding in RPL (up to 22.5 crore RPL shares) in November 2007. Subsequently, RIL admittedly appointed 12 agents, between October 30, 2007 to November 3, 2007, to undertake transactions in the November 2007 RPL Futures (settlement period November 1- November 29, 2007) on its behalf. The said 12 agents appointed by RIL took short positions in the F&amp;O Segment on behalf of RIL, while RIL undertook transactions in RPL shares in the cash segment. During the period of November 1, 2007 to November 29, 2007, various transactions were undertaken by RIL in the cash segment and by RIL through the agents in the F&amp;O segment. From November 15, 2007 onwards, RIL's short position in the F&amp;O segment constantly exceeded the proposed sale of shares in the cash segment. Further, the probe showed that on November 29 2007, RIL sold a total of 2.25 crore shares in the cash segment during the last 10 minutes of trading resulting in fall in the prices of RPL shares, which also lowered the settlement price of RPL November Futures in the F&amp;O Segment. RIL's entire outstanding position of 7.97 crores in the F&amp;O Segment was cash settled at this depressed settlement price resulting in profits on the said short positions. The said profits were transferred by the agents to RIL as per a prior agreement, said the order dated January 1. SEBI noted that an order noted dated March 24, 2017 had directed RIL to disgorge an amount of ₹447.27 crore along with interest calculated at the rate of 12% per annum from November 29, 2007 onwards till the date of payment. Further, RIL was prohibited from dealing in equity derivatives in the F&amp;O segment of stock exchanges, directly or indirectly, for a period of one year from the date of the said Order. "I find it appropriate to consider the direction in the nature of debarment and the disgorgement that has already been passed against RIL herein as a relevant factor while deciding the quantum of penalty," it said. "I have also considered the quantum of loans advanced by Noticee-3 (Navi Mumbai SEZ) and Noticee-4 (Mumb ai SEZ) to the agent appointed by RIL. Considering the above, I proceed to impose an appropriate penalty on each of the noticee that serves as a deterrent to the noticees and others indulging in such fraudulent trade practices." SEE ALSO: <a href="https://www.businessinsider.in/international/news/ten-of-the-most-outrageous-predictions-for-2021-according-to-saxo-bank/slidelist/80040045.cms">From Amazon buying Cyprus to Germany bailing out France — here are ten of the most ‘outrageous’ predictions for 2021</a> <a href="https://www.businessinsider.in/business/startups/news/india-edtech-in-charts-how-the-shi[%E2%80%A6]es-of-byjus-unacademy-and-others/articleshow/80040270.cms">India’s edtech in charts – How the shift to online learning meant money, valuation and users for the likes of BYJU’S, Unacademy, and others</a> <a href="https://www.businessinsider.in/business/auto/news/kia-motors-11-electric-vehicles-in-2021-but-india-may-have-to-wait-longer-to-buy/articleshow/80056447.cms">INTERVIEW: Kia Motors’ 2021 plan includes 11 electric vehicle launches ⁠— but India may have to wait longer</a>

SEBI imposes penalty on Mukesh Ambani and Reliance Industries for manipulative trading

Irked over truckload of bulky documents filed by parties in a batch of petitions arising out of the Amazon-Future Retail case (Reliance Industries acquisition deal with Future Retail), the Supreme Court Tuesday asked whether the purpose was just to drag on or harass the judges and sought a common small compilation of documents. A bench comprising Chief Justice N V Ramana and Justice A S Bopanna and Hima Kohli asked the counsel for parties to file small volume of documents so that the matter can be disposed of, and fixed the case for hearing on December 8. I am sorry to say to all of you. What is the fun in filing 22-23 volumes of records. How many documents both sides have filed repeatedly and is it the purpose of just dragging on or otherwise to harass the judges, said the CJI. It is completely unnecessary, senior advocate Harish Salve, appearing for the Future group, said and suggested that both sides can discuss and file a common document along with short written notes. There is a problem in locating the volume, the bench said, adding Give us some time. Do one thing. Can you make a small compilation of these documents which you are relying upon. Truckload of volume has been filed yesterday . Meanwhile, the bench allowed the IDBI trusteeship, which had moved the apex court seeking to de-freeze Future Retail shares pledged to it, withdrew its plea and said that it will go to the Delhi High Court with its plea. The pledged shares have been attached at the orders of the high court, senior advocate N K Kaul said, adding that since the apex court had barred the high court from proceeding with the case, the IDBI trusteeship has failed to access its shares. On November 11, the top court judge Justice Hima Kohli had offered to recuse herself from hearing the pleas, saying she and her family members have shares in Reliance Industries Ltd group firms, one of the interested parties to the litigation. We have no objection, said a battery of lawyers appearing for parties Amazon, Future Retail Limited (FRL) and Future Coupons Private Ltd (FCPL). The top court was hearing a fresh petition of Future Group against the Delhi High Court's recent order declining its plea for stay on an arbitration tribunal decision refusing to interfere with the Singapore International Arbitration Centre's (SIAC) Emergency Award (EA) which restrained it from going ahead with the Rs 24,731 crore merger deal with Reliance Retail. The bench was also hearing a counter plea by Amazon, seeking to restrain the regulators from approving the merger deal. It said the last order was passed with the consent of the parties that the regulatory authorities will not approve the merger deal without prior nod from the top court. The dispute over the merger deal has seen several rounds of litigation after SIAC passed the EA in favour of the US firm on October 25, 2020 staying the merger. On October 21 this year, a duly-constituted panel of arbitrators at SIAC reiterated the decision of the EA. Then on October 29, the Delhi High Court declined Future Group's plea for stay on the arbitration tribunal order refusing to interfere with the EA which restrained it from going ahead with the Rs 24,731 crore merger deal with Reliance Retail. The high court sought response from Amazon which had challenged the merger before the SIAC, and listed the appeals by FCPL and FRL for further hearing on January 4, 2022. FRL and FCPL moved the top court recently against the order with fresh pleas. Kishore Biyani and 15 others including FRL and FCPL have been embroiled in a series of litigations with Amazon, an investor in FCPL, over the deal with Reliance. Following the EA, subsequently, a three-member arbitral tribunal was constituted to decide the issues arising from the deal. On September 9, the apex court had stayed for four weeks all proceedings before the high court in relation to the implementation of the EA and also directed statutory authorities like National Company Law Tribunal (NCLT), Competition Commission of India (CCI) and Securities and Exchange Board of India (Sebi) not to pass any final order related to the merger deal in the meantime. Subsequently, the arbitration tribunal under the SIAC rejected on October 21 the FRL plea to lift the interim stay granted by its EA on October 25 last year, observing that "the Award was correctly granted". Amazon had dragged Future Group to arbitration at SIAC in October last year, arguing that FRL had violated their contract by entering into the deal with rival Reliance. The FRL and FCPL had moved the top court against the high court order of August 17 which said that it would implement the earlier order by its single-judge restraining FRL from going ahead with the deal in pursuance of the EA's award. The high court had said that in the absence of a stay, it would have to enforce the order passed by its single judge, Justice J R Midha, on March 18. On March 18, besides restraining FRL from going ahead with its deal with Reliance Retail, the court had imposed costs of Rs 20 lakh on the Future Group and others associated with it and ordered attachment of their properties. On August 6, the Supreme Court gave the verdict in favour of Amazon and held that EA award, restraining the Rs 24,731 crore FRL-Reliance Retail merger deal, is valid and enforceable under Indian arbitration laws. The apex court had also set aside the two orders of February 8 and March 22 of the division bench of the Delhi High Court order which had lifted the single-judge's orders staying the FRL-RRL merger. A bench headed by Justice R F Nariman, since retired, had dealt with the larger question and held that an award of an EA of a foreign country is enforceable under the Indian Arbitration and Conciliation Act. SEE ALSO <a href="https://www.businessinsider.in/business/telecom/news/jio-is-slowing-down-in-the-race-to-500-million-subscribers/articleshow/87862415.cms" data-type="tilCustomLink">Jio is slowing down in the race to 500 million subscribers – a goal set by none other than Mukesh Ambani</a> <a href="https://www.businessinsider.in/business/startups/news/nobroker-is-the-38th-indian-startup-to-be-valued-over-a-1-billion-in-2021/articleshow/87867289.cms" data-type="tilCustomLink">NoBroker is the 38th Indian startup to be valued over a billion dollars this year</a> <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-hikes-tariffs-by-up-to-500-for-its-popular-plans/articleshow/87864183.cms" data-type="tilCustomLink">Vodafone Idea hikes tariffs by up to ₹500 for its popular plans</a>

Amazon vs Future — 'Why file voluminous records, to drag the case or harass judges?' asks Supreme Court

<ul><li><keyword id="18635" type="General" weightage="20" keywordseo="amazon" source="Orion">Amazon</keyword> has reportedly alleged that <keyword id="375475" type="General" weightage="20" keywordseo="future-retail" source="Orion">Future Retail</keyword> transferred $939 million as a capital advance to a company controlled by the founder Kishore Biyani.</li><li>Another $575 million was transferred into an unusual rental security deposit and advances were made to suppliers.</li><li><keyword id="23644" type="General" weightage="20" keywordseo="Future" source="Orion">Future</keyword> Retail says that the transactions were a part of public disclosures made by the company as a part of standard governance practices.</li></ul>Amazon, which is trying to prevent Reliance Industries from taking over the retail assets of Kishore Biyani-led <keyword id="44949" type="General" weightage="20" keywordseo="future-group" source="Orion">Future Group</keyword>, has reportedly made a fresh set of allegations against Future Retail. The ecommerce giant has reportedly accused Future Retail of diverting $1.5 billion from its account to other companies. As per a report by Bloomberg, Amazon has alleged that Future Retail transferred 70 billion Indian rupees, which is close to $939 million at current conversion rate, in the financial year March 2020 as a capital advance to a company controlled by the founder Kishore Biyani. This was a payment for the goods and services purchased by the related firm. Future Retail said that the transactions were a part of public disclosures made by the company as a part of standard governance practices. There is nothing new that is being brought to notice here, “except for false speculations being created out of selective excerpts,” the company’s representative told Bloomberg. The ecommerce giant has written, as per the report, to Indian finance minister Nirmala Sitharaman, Reserve Bank of India (RBI) governor Shaktikanta Das, market regulator Securities and Exchange Board of India (SEBI) and several other authorities, seeking an investigation into Future Retail. The copy of the letter was<a href="https://www.bloomberg.com/news/articles/2021-11-25/amazon-alleges-1-5-billion-diverted-from-indebted-future-retail"> seen </a>by Bloomberg, which first reported the development. Business Insider has shared a detailed list of questions to Amazon and Future Retail. The copy would be updated if and when they respond. Amazon has also alleged, as per the Bloomberg report, that Future Retail created an unusual rental security deposit and made advances worth 43 billion ($575 million, at current conversion rate) Indian rupees to suppliers in the same year even though its business had slumped and it was shutting down stores. “Significant amounts may have been diverted from Future Retail…,” Amazon reportedly said, adding that a part of these transactions can help Future Retail immediately repay the outstanding debt owed to banks and creditors. The legal battle between Amazon and Future Retail dates back to August 2020, after Mukesh Ambani-led Reliance Retail agreed to buy Future Group’s retail, wholesale and warehousing assets for ₹24,713 crore. Amazon — which held about 3% stake in Future Retail through its 49% shareholding in Future Coupon — objected to the deal, saying that it had barred Future Group from getting into any retail agreement with 11 companies, including Reliance. The <a href="https://www.businessinsider.in/retail/news/amazon-wins-supreme-court-case-against-mukesh-ambani-reliance-retail-and-kishore-biyanis-future-group/articleshow/85092072.cms">Supreme Court of India in August</a> upheld the emergency award given to Amazon by Singapore International Arbitration Centre (SIAC), which considered the Future and Reliance deal invalid. The case is still pending before India’s Supreme Court. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/foreign-investors-have-pulled-out-nearly-7-billion-in-the-last-two-months-and-over-12-billion-since-april-this-year/articleshow/87927351.cms" data-type="tilCustomLink">Foreign investors have pulled out nearly $7 billion in the last two months, and over $12 billion since April this year</a> <a href="https://www.businessinsider.in/stock-market/news/foreign-investors-have-pulled-out-nearly-7-billion-in-the-last-two-months-and-over-12-billion-since-april-this-year/articleshow/87927351.cms" data-type="tilCustomLink">From Nykaa to Cipla to 3i infotech — these are some of the themes the market is betting on amid a sell-off</a> <a href="https://www.businessinsider.in/stock-market/news/pvr-inox-mainland-china-barbeque-nations-share-price-falls-due-to-new-covid-19-variant/articleshow/87925164.cms" data-type="tilCustomLink" style="">Shares of PVR, INOX, Burger King, Barbeque Nation tumble as investors panic over the new COVID-19 variant</a>

Future Retail denies Amazon’s allegation that it diverted $1.5 billion to other businesses

<ul><li>International mutual funds in the industry include equity funds that primarily invest in stocks of companies listed outside India.</li><li>Such funds help an investor diversify its investment portfolio and offer opportunities to invest in foreign markets.</li><li>Here is everything you need to know before having an exposure to international funds.</li></ul>As fancy as investment in global giants like Apple, Tesla, Facebook may sound, it is easy to invest in such stocks from India in a secured way. Moreover, you don’t have to buy stocks yourself, investment companies like mutual funds will do the work for you. Mutual funds offer international funds/overseas/foreign mutual funds that invest in companies listed on foreign stock exchanges. This makes it convenient for people who are not well versed with lengthy investment processes in foreign land. One can make one-time or regular investments in a particular mutual fund that invests in such stocks. The fund manager of the mutual funds takes care of how much exposure in which stock. Such types of international funds have a pre-designed portfolio consisting of a particular number of stocks of foreign companies. And like any other mutual funds, they are regulated by the Securities Exchange Board of India (SEBI). Now there are a host of thematic international funds available in the industry like thematic funds based on a specific sector eg: technology, region wise fund eg: China stocks etc., and each of these funds takes a different approach to global investing. It’s up to you which fund to consider that suits that investment and risk profile. One can consult a financial advisor as well to help understand the difference. Merits of investing in international funds <ul><li>Helps diversify investment</li><li>Easy access to foreign company shares</li><li>Ownership of shareholding in large firms like Apple, Microsoft, Tesla </li></ul>Most of the international mutual funds in India invest directly in an already established foreign mutual fund. Simply put, most international mutual funds in India invest in other mutual funds in any foriegn country instead of directly investing in stocks there. This is called funds of funds (FoFs). Here are the top five international mutual funds as per highest returns in the last three years. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fund name </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Returns in last 3 years </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">DSP World Mining </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">28.46% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Motilal Oswal NASDAQ 100 ETF </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">26.64% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Motilal Oswal NASDAQ 100 FoF </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">25.75% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Aditya Birla Commodity Equities Fund - Global Agri Plan </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">22.17% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">DSP World Gold </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">20.32% </td></tr></tbody></table>(Source: Value Research) <a href="https://www.businessinsider.in/personal-finance/news/looking-to-invest-in-facebook-amazon-and-apple-shares-from-india-these-are-the-taxes-you-may-have-to-pay/articleshow/85253598.cms">Click here </a>to understand the tax structure of investing in foriegn company stocks. Also, note that currently several international funds are not accepting fresh investor inflows due to overseas investing limits. The regulator has specified an overall industry level limit of $7 billion for mutual funds to invest in overseas securities and funds, which has already been breaches. Hence several funds are not allowing new investment. Disclaimer: The article is just for informational purposes and it should not be taken as investment advice. Do your own research before investing. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/whatsapp-is-finally-allowed-to-have-100-million-users-for-its-payments-service/articleshow/90835669.cms">WhatsApp is finally allowed to have 100 million users for its payments service</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/indias-second-largest-government-owned-hydrocarbon-producer-hit-by-a-major-cyberattack-hackers-demand-196-bitcoins-in-ransom/articleshow/90840425.cms">India’s second largest government-owned hydrocarbon producer hit by a major cyberattack, hackers demand 196 bitcoins in ransom</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/air-india-says-alliance-air-is-no-longer-its-subsidiary-heres-what-it-means-for-flyers/articleshow/90841432.cms">Air India says Alliance Air is no longer its subsidiary – here’s what it means for flyers</a>

Make regular investment in Apple, Tesla, Amazon and other global stocks easily via mutual funds

Mumbai, <keyword id="30335" type="ORGANIZATION" weightage="20" keywordseo="Shares">Shares</keyword> of <keyword id="6370462" type="DOMAIN" weightage="20" keywordseo="tata-communications">Tata Communications</keyword> plunged over 6% on Wednesday after the government announced to sale its entire 26.12% stake in the company. At 12.10 p.m., its shares were trading at ₹1,060.65, lower by ₹69.30 or 6.13% from its previous close. In a notice Department of Investment and Public Asset Management (DIPAM) said that the <keyword id="6356303" type="COMPANY" weightage="20" keywordseo="Centre">Centre</keyword> intends to disinvest its entire shareholding of 26.12% of paid up equity capital in Tata Communications, erstwhile Videsh Sanchar Nigam Ltd (VSNL), through OFS by promoters through the stock exchanges and thereafter to the strategic partner as per <keyword id="35210" type="COMPANY" weightage="20" keywordseo="sebi">SEBI</keyword>'s norms. DIPAM has invited proposals from eligible merchant bankers to assist and advise the government in the process. VSNL, a central public sector enterprise was privatised in 2002 by disinvesting 25% shareholding along with transfer of management control to Panatone <keyword id="3777368" type="DOMAIN" weightage="20" keywordseo="finvest">Finvest</keyword> Limited, the strategic partner (SP). Subsequent to the strategic disinvestment, the name of the Company was changed to Tata Communications Limited (TCL). <keyword id="46894" type="COMPANY" weightage="20" keywordseo="Tata-Sons">Tata Sons</keyword> holds 14.07% stake in the company. On Tuesday, Tata Communications reported a four-fold growth on a year-on-year basis in its consolidated net profit for the quarter-ended December at ₹309.4 crore. However, compared to the July-September quarter, its net profit was down 19.6%. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/why-indigo-paints-1000-crore-ipo-is-a-hit-even-before-it-opened-for-subscription/articleshow/80357759.cms?upcache=2">Indigo Paints’ ₹1,000 crore IPO is a hit even before it opened⁠ for subscription— here’s why</a> <a href="https://www.businessinsider.in/international/news/jack-ma-the-billionaire-founder-of-alibaba-and-ant-group-resurfaced-after-he-went-missing-in-china/articleshow/80360004.cms">Jack Ma resurfaces – Alibaba founder makes his first public appearance after he was feared to be “missing” for nearly two months</a> <a href="https://www.businessinsider.in/tech/mobile/news/best-smartphone-deals-and-discount-on-amazon-great-republic-day-sale/articleshow/80358909.cms">Best smartphone deals and offers on Amazon Great Republic Day Sale</a>

Tata Communications stocks plunge 6% as govt plans to off-load its stake

<ul><li>Amazon has written to India’s market regulator – Securities and Exchange Board of India, accusing <keyword id="375475" type="COMPANY" weightage="20" keywordseo="Future-Retail">Future Retail</keyword> of insider trading, according to Reuters. </li><li>Amazon wrote in the letter that Future Retail revealed price sensitive information to Reliance regarding the Singapore arbitrator’s order of the injunction granted to the global e-commerce giant.</li><li>The Singapore court had ruled in favour of Amazon and passed an interim order that put the RIL-Future deal on hold.</li></ul>Global e-commerce giant Amazon has written to India’s market regulator – Securities and Exchange Board of India, accusing Future Retail of insider trading, according to<a href="https://www.reuters.com/article/amazoncom-india-future-reliance/exclusive-amazon-accuses-indias-future-of-insider-trading-as-it-seeks-to-block-reliance-deal-idUSL4N2HW41T"> Reuters</a>. The letter to SEBI dated November 8 says that Future Retail revealed price sensitive information to Reliance regarding the Singapore arbitrator’s order of the injunction granted to Amazon. On October 25, global e-commerce giant Amazon got a stay order on the <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">Future Retail and Reliance deal </a>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. However, Amazon in the letter to SEBI alleges that <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>’s Reliance, which was not a party to the arbitration proceedings, was given information regarding the same, and it would have come from Future Retail. <a href="https://www.businessinsider.in/business/news/future-retail-reliance-deal-bse-to-consult-sebi-after-amazons-request-heres-all-that-has-happened-so-far/articleshow/78949099.cms">Here’s a timeline of events in the Future Retail, Reliance vs Amazon fight so far</a> The development comes as the <keyword id="10138753" type="UNKNOWN" weightage="20" keywordseo="amazon-vs-future-retail">Amazon vs Future Retail</keyword> case in the Delhi High Court has been adjourned for the second day. Future Retail had on November 7 informed the bourses that it was seeking relief and contended that Amazon was ‘misusing’ the interim order passed by an emergency arbitrator, appointed by the Singapore International Arbitration Centre (SIAC) on October 25, 2020. During the court’s proceedings on Wednesday, Amazon’s representative Gopal Subramanium argued that when Future Retail has used money from the global e-commerce company, how can it now say that it’s in violation of the FDI rules of India. On Tuesday, Future Retail’s lawyer Harish Salve had argued that FDI isn’t allowed in multi-brand retail in India and that Amazon can’t go ahead with FDI violations. Salve ended his arguments in court by saying, “Please don’t let this American giant kill Future.” SEE ALSO: <a href="https://www.businessinsider.in/retail/news/future-retail-in-delhi-high-court-kishore-biyani-lawyers-say-amazon-knew-about-ril-deal-from-june/articleshow/79144990.cms">‘Please don’t let this American giant kill Future,’ Kishore Biyani’s lawyers say Amazon knew about RIL-Future Retail deal from June</a>

Amazon wants Future Retail to be investigated by India’s market regulator – accuses Kishore Biyani’s group of insider trading

<ul><li>The <keyword id="6355014" type="UNKNOWN" weightage="20" keywordseo="delhi-high-court">Delhi High Court</keyword> has rejected <keyword id="375475" type="COMPANY" weightage="20" keywordseo="Future-Retail">Future Retail</keyword>'s plea for an ad interim injunction against the global e-commerce giant <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword>.</li><li>However, the order also said that prima facie Future Retail's resolution approving the Reliance deal was also valid.</li><li>Amazon had sent a legal notice to Future Coupons over Future Group’s ₹25,000 crore deal with Reliance.</li></ul>Reliance Industries agreed to buy Future Group but Amazon objected. The Jeff Bezos-led company already got an order from a Singapore arbitrator stopping the deal between Mukesh Ambani and Kishore Biyani from progressing. In response, Future Group went to the Delhi High Court seeking it to stop the global e-commerce giant from interfering in the deal between. What the court said in its verdict is a case of “operation successful but patient dead”, said Hitesh Jain, Managing Partner at Parinam Law Associates. The court said that Amazon is free to challenge the deal and the spokesperson chose to highlight that part. “We welcome the verdict of the Hon’ble High Court of Delhi rejecting the interim injunction sought by Future Retail and their claim that the Emergency Arbitrator process is invalid under Indian law,” Amazon spokesperson told Business Insider. The court wants authorities to decide based on the application from Amazon and the objections of Future Group, explained Supreme Court advocate Yamuna Natchiappan. However, while allowing Amazon to appeal to other regulators like the Securities and Exchange Board of India (SEBI) or Competition Commission of India (CCI), the Delhi High Court in its order said that there prima facie, the suit filed by Future Retail is maintainable, Emergency Award is valid and Future Retail's resolution approving the Reliance deal was also valid. What’s worse for Amazon? The Delhi High Court has essentially ruled that Amazon cannot use an agreement with one Future group company i.e. Future Coupon to exert control over a deal struck by another company i.e. Future Retail. That would be in violation of India’s Foreign Exchange Management Act (FEMA). Not just that, the court went further to say, that this “amounts to tortious interference.” And, that alone tilts the case in favour of Biyani. “If there is a prima facie case then balance of convenience follows the party who has the prima facie case,” according to Jain. Based on this verdict, Jain believes, Future group can move the Supreme Court against Amazon. Whether it will or not, is yet to be seen. As far as the resolution which Amazon sought to challenge which is the 29th August board resolution that resolution has been held to be valid and therefore there can’t be any interference in relation to the scheme, Future Retail’s legal representative Ameet Naik told <a href="https://twitter.com/ETNOWlive/status/1340991412351893505">ET NOW</a>. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/sensex-sees-2-weeks-of-gain-wiped-out-in-half-a-day-plunges-by-over-1400-points/articleshow/79838339.cms">Sensex sees 2 weeks of gain wiped out in half a day – plunges by over 1,400 points</a>

Amazon got an “operation successful, patient dead” verdict ⁠— Lawyers say the Delhi High Court order is actually a win for Kishore Biyani and Future Group

You Searched For "Amazon sebi" and got 12 results

Amazon Great Indian Festival Sale 2024 – best deals on smartphones

Sourabh Jain

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

PTI

An Indian Court wants response from authorities on Facebook, Google and Amazon Pay's allegedly unregulated financial ops

PTI

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

PTI

Amazon posts USD 3.2-bn profit as it goes through multiple layoffs

ANI

SEBI imposes penalty on Mukesh Ambani and Reliance Industries for manipulative trading

IANS

Amazon vs Future — 'Why file voluminous records, to drag the case or harass judges?' asks Supreme Court

PTI

Future Retail denies Amazon’s allegation that it diverted $1.5 billion to other businesses

Kritti Bhalla

Make regular investment in Apple, Tesla, Amazon and other global stocks easily via mutual funds

Bhakti Makwana

Tata Communications stocks plunge 6% as govt plans to off-load its stake

IANS

Amazon wants Future Retail to be investigated by India’s market regulator – accuses Kishore Biyani’s group of insider trading

Sanchita Dash

Amazon got an “operation successful, patient dead” verdict ⁠— Lawyers say the Delhi High Court order is actually a win for Kishore Biyani and Future Group

Sanchita Dash

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