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Billionaire <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword>'s Reliance Industries and <keyword id="19924335" type="General" weightage="20" keywordseo="Tata-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Group" meta.hostid="153" meta.entityid="Tata Group">Tata Group</keyword> have made it to the prestigious TIME's list of 100 World's Most Influential Companies of 2024. TIME called Reliance 'India's Juggernaut'. This is the second time that Reliance has found its way into the TIME list. Jio Platforms, the firm that holds digital properties of the conglomerate, was included in the inaugural TIME 100 Most Influential Companies List of 2021. Serum Institute is the other Indian company on the list. TIME listed Reliance in the 'Titans' category (one of the five categories under which the companies were divided, other being Leaders, Disrupters, Innovators, and Pioneers). Tata was listed in 'Titan's' category while Serum under 'Pioneers'. "Reliance Industries was founded as a textile and polyester company 58 years ago by Dhirubhai Ambani. Today the sprawling conglomerate -- which has aligned its growth with Indian Prime Minister Narendra Modi's vision for a 'self-reliant' India -- is the country's most valuable company, with a market capitalisation of more than USD 200 billion," TIME said. Now led by Dhirubhai's son Mukesh, the Mumbai-based company has ventures in energy, retail, and telecommunications, among others, and has made its chairman Asia's richest man, it said. The publication went on to stated that in February, Reliance came out on top in a fiercely competitive race to dominate India's burgeoning streaming market by striking a USD 8.5 billion merger deal with Disney's India business. "The deal will bring together more than 100 television channels and give the combined group around a 31 per cent share of India's streaming market compared to rivals Netflix and Amazon Prime with 8 per cent each," according to analytics firm Comscore. Reliance has revolutionised several economic sectors in the world's most populous country by making world-class products and services available at affordable prices with multiple innovations. Under Mukesh Ambani, the firm's telecom arm Jio revolutionised India's digital landscape and drove digital inclusion on an unprecedented scale with the most affordable mobile data tariffs in the world. It set up the world's largest single location refining complex. Reliance Retail is ranked among the top 100 retailers globally and in FY24 it registered 1.06 billion footfalls across its 18,800+ stores (67 per cent of which are in small towns and villages). Reliance is investing USD 10 billion in building the most comprehensive ecosystem for new energy and new materials in India and has set an ambitious goal to reach net-zero carbon by 2035. TIME described Serum as the world's biggest vaccine maker, churning out billions of vaccines. The company makes 3.5 billion doses every year, including for measles, polio, and most recently, HPV. "Serum's CEO Adar Poonawalla says the company's success can largely be chalked up to its private ownership. Not being beholden to shareholders allows it to keep vaccine prices low (the R21 will cost USD 4 a shot)," the publication said. Tata Group, it said, was founded in 1868 and has a vast portfolio extending from steel, software, watches, subsea cables, and chemicals, to salt, grains, air-conditioners, fashion, and hotels. "But as rivals have aggressively courted new businesses, it struggled to keep up with stiff competition. In 2017, after over a century of family management, N Chandrasekaran took over as chairman despite having no personal ties to the family -- highly unusual when India's business landscape is ruled by family succession plans," TIME said. As chair, he has transformed the group by investing in tech manufacturing, AI, and semiconductor chips. In 2023, it became the first Indian company to assemble iPhones, and is building another plant, it said, adding that in September, Tata announced a partnership with Nvidia to develop an AI cloud in India. "And this year, it announced plans for the country's first major semiconductor manufacturing facility. The moves seem to be paying off: in February, Tata's combined market capitalisation reached a whopping USD 365 billion, more than the entire economy of India's neighbour and rival, Pakistan," it added. This is the fourth edition of annual TIME100 Most Influential Companies list, highlighting companies making an extraordinary impact around the world. To assemble the list, TIME solicited nominations across sectors, and polled its global network of contributors and correspondents, as well as outside experts. Then, TIME editors evaluated each on key factors, including impact, innovation, ambition, and success. The result is a diverse group of 100 businesses helping chart an essential path forward. SEE ALSO:<a href="https://www.businessinsider.in/india/news/lok-sabha-exit-poll-2024-what-are-they-when-will-they-be-announced-and-all-you-need-to-know/articleshow/110565608.cms" target="_blank"></a> <a href="https://www.businessinsider.in/india/news/lok-sabha-exit-poll-2024-what-are-they-when-will-they-be-announced-and-all-you-need-to-know/articleshow/110565608.cms" target="_blank">Lok Sabha Exit Poll 2024 – what are they, when will they be announced and all you need to know</a><a href="https://www.businessinsider.in/tech/apps/news/truecaller-can-now-detect-if-the-caller-is-using-ai-how-to-use-it-to-prevent-ai-call-scams/articleshow/110556100.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/apps/news/truecaller-can-now-detect-if-the-caller-is-using-ai-how-to-use-it-to-prevent-ai-call-scams/articleshow/110556100.cms" target="_blank">Truecaller can now detect if the caller is using AI – How to use it to prevent AI call scams</a><a href="https://www.businessinsider.in/sports/webstories/indias-t20-world-cup-team-matches-and-everything-you-need-to-know/slidelist/110551798.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/indias-t20-world-cup-team-matches-and-everything-you-need-to-know/slidelist/110551798.cms" target="_blank">India’s T20 World Cup team, matches and everything you need to know</a>

Reliance, Tata on TIME's list of world's most influential companies

<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

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

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<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

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.

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Reliance, Tata on TIME's list of world's most influential companies

PTI

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

Kritti Bhalla

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

PTI

Here's where you can get the best deals on iPhone 13 Pro

Shradha Aneja

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

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

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