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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

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.

Amazon, Future Retail battle far from over – Jeff Bezos-led e-commerce giant moves Supreme Court to stop Kishore Biyani’s deal with Reliance

The <keyword id="6355014" type="UNKNOWN" weightage="20" keywordseo="delhi-high-court">Delhi High Court</keyword> on Wednesday sought response from <keyword id="375475" type="COMPANY" weightage="20" keywordseo="Future-Retail">Future Retail</keyword> Limited on <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword>'s petition to set aside observations in the interim order of a single-bench in a suit filed by the retailer. On December 21, a single-member bench presided by Justice Mukta Gupta had refused to restrain Amazon from interfering in Future Retail's deal with Reliance by writing to the statutory authority in view of the Emergency Award. Pursuant to this, Amazon moved the division bench of the Delhi High Court against the order dated December 21. During the proceedings on Wednesday, the division bench of Chief Justice D.N. Patel and Justice Jyoti Singh issued notice to the Future Retail Limited and slated the matter to February 12. Advocate Gopal Subramanium and Rajiv Nayyar appeared for Amazon. Advocate Harish Salve came on behalf of Future Retail Limited, while Abhishek Manu Singhvi and Darius Khambata for Reliance. Amazon had dragged Future Group to arbitration at Singapore International Arbitration Centre after the firm signed a pact to sell retail, wholesale, logistics and warehousing units to Mukesh Ambani's Reliance in a Rs 24,713 crore deal. As per the Amazon, Future Retail Limited violated the contract by entering into the deal with Reliance. In a fresh plea before the Delhi High Court, Amazon stated, "The learned single Judge made certain prima facie observations on the merits of the Appellant's case in the arbitration proceedings which are inconsistent with the findings of the EA order and thus gravely prejudice the appellant." "The prima facie observations contained in the impugned order effectively resulted in allowing Future Retail Limited to collaterally bypass the EA order," Amazon said. Amazon said Future Retail has been relying on these prima facie observations to misconstrue the true import of the impugned order in an effort to mislead regulators to grant approval to the potential transactions which has forced Amazon to file an appeal to quash and set aside the prima facie observations.

Future Retail vs Amazon: Delhi HC asks the Kishore Biyani group to share responses to a plea filed by the e-commerce giant

The Delhi High Court Tuesday directed <keyword id="375475" type="COMPANY" weightage="20" keywordseo="Future-Retail">Future Retail</keyword> Ltd (FRL) to maintain status quo in relation to its Rs 24,713 crore deal with Reliance Retail, which has been objected to by US-based e-commerce giant Amazon. Justice J R Midha said the court was satisfied that an immediate interim order was required to be passed to protect the rights of Amazon. "Respondents (FRL) are directed to maintain status quo as on today at 4:49 PM till pronouncement of the reserved order," the judge said. Amazon has approached the high court seeking direction to order enforcement of the award by Singapore's Emergency Arbitrator (EA) restraining FRL from going ahead with its Rs 24,713 crore deal with Reliance Retail. Amazon has sought to restrain Kishore Biyani-led Future Group from taking any steps to complete the transaction with entities that are a part of the Mukesh Dhirubhai Ambani (MDA) Group.

Amazon gets interim relief, Delhi High Court directs Future Retail to maintain status quo on deal with Reliance

<ul><li><keyword id="375475" type="COMPANY" weightage="20" keywordseo="Future-Retail">Future Retail</keyword> has informed the bourses that with Amazon taking the case back to Singapore court, not every stage of the proceeding is a “material event for disclosure”. </li><li>Future Retail also hinted that it wasn’t going to give in to Amazon’s media tactics.</li><li>The statement from Future Retail has come in after the National Stock Exchange warned the company that it could face regulatory scrutiny for not putting out market disclosures on time. </li></ul><keyword id="44950" type="PERSON" weightage="20" keywordseo="Kishore-Biyani">Kishore Biyani</keyword>’s Future Retail (FRL), which is embroiled in a legal battle with e-commerce giant Amazon over its deal with Reliance Retail, has told the bourses that with Amazon taking the case back to Singapore court, not every stage of the proceeding is “material event for disclosure”. In a statement to the stock exchange, the company wrote, “As you are aware, Amazon has initiated arbitration proceedings in Singapore, which the company believes is without merit and without jurisdiction.” Future Retail also hinted that it wasn’t going to give in to Amazon’s media tactics. “Every stage of the proceedings would not lend itself to being a material event for disclosure under Regulation 30 of the LODR Regulations,” the statement said. FRL added that it was making this disclosure “out of abundant caution” since Amazon’s media strategy was to have “every development reported and converted into a line of communication with stock exchanges.” This statement from Future Retail has come in after the National Stock Exchange (NSE) warned the company on November 26 that it could face regulatory scrutiny for not putting out market disclosures on time. NSE’s warning came after<a href="https://economictimes.indiatimes.com/markets/stocks/news/reliance-vs-amazon-nse-warned-future-retail-of-action-over-disclosures/articleshow/79403903.cms"> Amazon complained</a> that <keyword id="44949" type="CITY" weightage="20" keywordseo="Future-group">Future Group</keyword> was misleading the public with incorrect market disclosures. On November 25, the Singapore International Arbitration Centre had <a href="https://www.business-standard.com/article/companies/amazon-future-tussle-singapore-s-arbitration-court-rejects-biyani-s-plea-120112501490_1.html">rejected</a> Future’s plea not to be included in the arbitration. The legal battle began when on October 25, global e-commerce giant Amazon got a stay order on the Future Retail and Reliance deal 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. Since then, the matter is subjudice in the Delhi High Court. SEE ALSO: <a href="https://www.businessinsider.in/business/news/amazon-wants-future-retail-to-be-investigated-by-indias-market-regulator-accuses-kishore-biyanis-group-of-insider-trading/articleshow/79170908.cms">Amazon wants Future Retail to be investigated by India’s market regulator – accuses Kishore Biyani’s group of insider trading</a>

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

PTI

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

Future Retail vs Amazon: Delhi HC asks the Kishore Biyani group to share responses to a plea filed by the e-commerce giant

IANS

Amazon gets interim relief, Delhi High Court directs Future Retail to maintain status quo on deal with Reliance

PTI

Future Retail tells the bourses that not every stage of the Amazon proceedings would be ‘material event for disclosure’

Sanchita Dash

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