Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<keyword id="19976119" type="General" weightage="20" keywordseo="Zee" source="keywords">ZEE</keyword> Entertainment Enterprises Ltd and <keyword id="19914172" type="General" weightage="20" keywordseo="Sony" source="keywords">Sony</keyword> Pictures Networks India on Tuesday said they have settled their disputes related to the failed USD 10-billion merger and have agreed to withdraw all claims against each other. The settlement stems from a mutual understanding between the companies to independently pursue future growth opportunities with a renewed purpose and focus on the evolving media and entertainment landscape, signifying the definitive conclusion of all disputes, the two companies said in a joint statement. ZEE Entertainment Enterprises Ltd and Culver Max Entertainment Pvt. Ltd. (CMEPL) have arrived at a comprehensive non-cash settlement, amicably resolving all disputes related to the merger co-operation agreement and the composite scheme of arrangement, it said. Under the agreement, the companies have mutually agreed to withdraw all respective claims against each other, in the ongoing arbitration at the Singapore International Arbitration Centre (SIAC), and all related legal proceedings initiated in the National Company Law Tribunal (<keyword id="6355809" type="General" weightage="20" keywordseo="nclt" source="Orion">NCLT</keyword>) and other forums, it added. The companies will also withdraw the respective composite schemes of Arrangement from the NCLT and inform the relevant regulatory authorities. In January this year, Sony had pulled out from the proposed USD 10-billion merger with ZEE Entertainment Enterprises Ltd citing failure to meet certain "closing conditions" by the Indian firm. The deal collapsed after over two years of announcing it. Subsequently, the two parties went to the courts. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/apple-iphone-16-to-be-launched-on-september-9-heres-everything-we-know-so-far/articleshow/112828818.cms">Apple iPhone 16 to be launched on September 9 – here’s everything we know so far</a> <a href="https://www.businessinsider.in/stock-market/news/a-company-with-8-employees-looking-to-raise-12-crore-ended-up-getting-applications-worth-over-4700-crore/articleshow/112824522.cms">Delhi firm with just 8 employees seeks ₹12 crore via IPO, gets ₹4,700 crore worth of investor applications!</a> <a href="https://www.businessinsider.in/tech/news/telegram-comes-under-the-scanner-in-india-for-extortion-and-gambling-will-it-be-banned-in-india/articleshow/112807370.cms">Telegram comes under the scanner in India for extortion and gambling – will it be banned in India?</a>

Zee and Sony amicably settle disputes over their failed merger, withdraw claims

<keyword id="19895875" type="General" weightage="20" keywordseo="Delhi-High-Court" source="keywords" meta.keywordsubtype="org" meta.entityname="Delhi High Court" meta.hostid="261" meta.entityid="Delhi High Court">Delhi High Court</keyword> on Thursday, has appointed a sole <keyword id="20233811" type="General" weightage="20" keywordseo="arbitrator" source="keywords">arbitrator</keyword> to address the conflicts between <keyword id="19956322" type="General" weightage="20" keywordseo="BharatPe" source="keywords" meta.keywordsubtype="org" meta.entityname="BharatPe" meta.hostid="261" meta.entityid="BharatPe">BharatPe</keyword> and its former MD <keyword id="20115473" type="General" weightage="100" keywordseo="Ashneer-Grover" source="keywords">Ashneer Grover</keyword>. The disputes center around allegations that Grover breached confidentiality terms outlined in his <keyword id="20424040" type="General" weightage="20" keywordseo="employment-agreement" source="keywords">employment agreement</keyword> with the fintech firm. Justice C. Hari Shankar of the Delhi High Court has ordered the appointment of a sole arbitrator to resolve disputes between Ashneer Grover and BharatPe. BharatPe's plea under a relevant section of the Arbitration and Conciliation Act sought to resolve issues stemming from Grover's alleged breach of confidentiality by disclosing sensitive company information on social media. BharatPe proposed former <keyword id="19895345" type="General" weightage="20" keywordseo="Supreme-Court" source="keywords" meta.keywordsubtype="org" meta.entityname="Supreme Court" meta.hostid="261" meta.entityid="Supreme Court">Supreme Court</keyword> Justice Hemant Gupta as the arbitrator, but Grover suggested Justice (Retired) J.R. Midha instead. Grover's advocate, Giriraj Subramanium, did not oppose arbitration, but proposed that the matter be handled by the Singapore International Arbitration Centre (SIAC), given its ongoing involvement with related disputes over the shareholders' agreement. BharatPe's advocate, Anuj Berry, contested this, asserting that the employment agreement specifies arbitration under the Delhi International Arbitration Centre (DIAC), which the Court upheld. Additionally, BharatPe had previously sought a restraining order to prevent Grover from publicly disclosing company details. The Delhi High Court had previously imposed a penalty of Rs. 2 lakh on Ashneer Grover for breaching a court order by posting derogatory content about BharatPe on social media. Justice Rekha Palli, expressing disapproval of Grover's repeated violations, mandated that he pay the costs to the Delhi High Court Clerk Association. Grover issued an unconditional apology, which the court accepted, contingent upon the payment of the imposed costs.

Delhi HC appoints arbitrator to address conflict between Ashneer Grover and BharatPe

<ul><li><keyword id="20068359" type="General" weightage="20" keywordseo="zee-entertainment" source="keywords">Zee Entertainment</keyword> has backed out from a $ 1.4 billion licensing agreement with <keyword id="19976118" type="General" weightage="20" keywordseo="disney-star" source="keywords">Disney Star</keyword> for the TV broadcast right for cricket matches.</li><li>This is reportedly a fallout of collapse of its merger deal with <keyword id="19914172" type="General" weightage="20" keywordseo="sony" source="keywords">Sony</keyword>.</li><li>Sony Corporation had on Monday announced the termination of the $ 10 billion merger.</li></ul> Zee Entertainment has backed out from a $ 1.4 billion licensing agreement with Disney Star for the TV broadcast right for cricket matches as a fallout of collapse of its merger deal with Sony, according to industry sources. Zee Entertainment Enterprises Ltd (<keyword id="20115912" type="General" weightage="20" keywordseo="zeel" source="keywords">ZEEL</keyword>), which has already missed the first instalment of around $ 200 million, will not move ahead, industry sources told PTI. The instalment to be paid to Disney Star was part of the $ 1.5 billion investment committed by Sony Group after its merger with ZEEL, said another industry source while confirming the development. Sony Corporation had on Monday announced the termination of the $ 10 billion merger agreement with ZEEL, while seeking $ 90 million for breach of conditions besides initiating arbitration. As per the merger agreement between ZEEL and Sony, the Japanese entity was supposed to invest $ 1.575 billion in the merged entity and have a majority stake. There were no immediate comments from ZEEL over the development. Three days after Sony called off the deal, ZEEL MD &amp; CEO <keyword id="20130441" type="General" weightage="20" keywordseo="punit-goenka" source="keywords">Punit Goenka</keyword> addressed a townhall meeting of around 3,000 employees across the globe, in which he asked them to move forward and chase new opportunities. "Our industry is witnessing rapid changes, and these winds of change are giving us a new shape. We have to mould ourselves to be well-positioned in order to capitalise on the opportunities coming our way. We have been leaders over the last 3 decades and have delivered value to our stakeholders, year on year," he said. On August 30, 2022, ZEEL had announced entering into a strategic licensing agreement with Disney Star for television broadcasting rights of the ICC Men's and Under-19 global events for a period of four years. Disney Star will continue to exclusively stream all ICC tournaments through its digital platform Disney+ Hotstar, a joint statement had said. This was done with the in-principle approval from the International Cricket Council (ICC). Disney Star bagged the broadcast rights of all ICC events for four years from 2024 to 2027 for the Indian market from the sport's global governing body. As per the agreement, ZEEL was supposed to have exclusive television rights for ICC men's events, including the ICC Men's T20 World Cup, which will be played in 2024 and 2026, ICC Men's Champions Trophy (2025), and the ICC Men's Cricket World Cup (2027), along with key ICC U-19 events, it said. ZEEL on Wednesday approached the National Company Law Tribunal (NCLT) to get Sony to honour a $ 10 billion merger deal. Sony had resisted the demand by Subhash Chandra's son Punit Goenka, who was investigated by Sebi over fraud allegations, to stay on after the merger. It has also initiated appropriate legal actions to contest the claims of $ 90 million (Rs 748.5 crore) filed by Sony Group before the Singapore International Arbitration Centre (SIAC). SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-12-vs-oneplus-12r-heres-whats-different-between-the-two-devices/slidelist/107138750.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-12-vs-oneplus-12r-heres-whats-different-between-the-two-devices/slidelist/107138750.cms" target="_blank">OnePlus 12 vs OnePlus 12R – What distinguishes the two new smartphones</a> <a href="https://www.businessinsider.in/business/auto/news/rolls-royce-spectre-rolls-out-as-indias-most-expensive-electric-car/articleshow/107051636.cms">Rolls Royce Spectre rolls out as India’s most expensive electric car</a> <a href="https://www.businessinsider.in/tech/news/global-pc-shipments-decline-for-the-eighth-straight-quarter-hopes-pinned-on-ai-to-drive-sales/articleshow/106981182.cms">Global PC shipments decline for the eighth straight quarter; hopes pinned on AI to drive sales</a>

Zee Entertainment backs out from $1.4 bn deal with Disney Star

Former <keyword id="7349800" type="General" weightage="80" keywordseo="bharatpe" source="Orion">BharatPe</keyword> Co-founder and Managing Director <keyword id="2988161" type="General" weightage="50" keywordseo="ashneer-grover" source="Orion">Ashneer Grover</keyword> on Saturday claimed that his book "<keyword id="13252074" type="General" weightage="80" keywordseo="doglapan" source="Orion">Doglapan</keyword>" created panic among BharatPe executives and this is the reason the fintech company had apparently filed several cases against him, including an over Rs 88.6 crore fraud case. Reacting to a follower on Twitter who asked for a free copy, <keyword id="3433" type="General" weightage="100" keywordseo="grover" source="Orion">Grover</keyword> said: "Na bhai - business is business -- kitaab pehle aa gayi thi -- yeh case shase to isliye aaye kyun ki kitaab se sab ki fat li (My book came first and this triggered the cases against him as it created panic for all (at BharatPe)". He further posted: "By the way - the real truth is now available for immediate delivery on Amazon. The book which precipitated so much onslaught - padhni to Banti hai! Ab aayega asli mazaa! (Read it as real fun will now happen)". He, however, did not mention BharatPe directly as to avoid the Delhi High Court's wrath where the hearing is currently on and the next date is in January. The court has issued notice and summons to BharatPe's former Managing Director and his kin in a plea filed by the company, seeking orders to restrain them from making defamatory statements against the company. In yet another move against Grover, BharatPe has filed for arbitration with the Singapore International Arbitration Centre (SIAC) to restrict his 1.4 per cent shareholding as well as strip him off his founder title. Grover has about 8.5 per cent share of the company and of this, 1.4 per cent is yet to be vested. With this, BharatPe has taken on Grover from three sides, along with a civil case in the Delhi High Court asking him to reply on the Rs 88.6 crore he allegedly swindled at the company along with his wife and close relatives, and a criminal complaint with the Economic Offences Wing (EOW). Earlier, Grover attacked the fintech platform's co-founder <keyword id="10222571" type="General" weightage="50" keywordseo="shashvat-nakrani" source="Orion">Shashvat Nakrani</keyword>, saying he once asked him to bunk office for a whole year in order to complete his IIT degree while remaining on the payroll. He has written his memoir called "Doglapan (double standards) - The Hard Truth about Life and Start-ups" which will be available from December 16. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/microsoft-acquires-firm-developing-high-speed-cables/articleshow/96132213.cms">Microsoft acquires firm developing high-speed cables</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/elon-musk-could-lose-worlds-richest-person-title-as-tesla-lost-half-market-value/articleshow/96132060.cms">Elon Musk could lose world's richest person title as Tesla lost half market value</a>

BharatPe filed cases because my book 'Doglapan' created panic: Ashneer Grover

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

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

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.

You Searched For "siac" and got 7 results

Zee and Sony amicably settle disputes over their failed merger, withdraw claims

PTI

Delhi HC appoints arbitrator to address conflict between Ashneer Grover and BharatPe

ANI

Zee Entertainment backs out from $1.4 bn deal with Disney Star

PTI

BharatPe filed cases because my book 'Doglapan' created panic: Ashneer Grover

IANS

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

PTI

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

PTI

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

PTI

Popular Keywords

Buying Guides