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Decoding the multilayered Amazon-Future-Reliance legal drama

At stake is control over India’s retail business estimated to reach $ 1.3 trillion by 2025 , setting off a spate of legal wrangles between Amazon and the Future Group.
Future Retail has 1,800 retail stores across 400-plus cities and towns across India.(REUTERS)
Future Retail has 1,800 retail stores across 400-plus cities and towns across India.(REUTERS)
Published on Jan 10, 2022 11:59 PM IST
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By, Hindustan Times, New Delhi

SC asks Amazon to not mix up issues, file separate cases

Amazon had challenged a November order of the Delhi high court by moving an application in the main case.
A bench, headed by Chief Justice of India NV Ramana, observed that the companies involved in the legal wrangle should institute cases separately against different orders of the courts.(File Photo)
A bench, headed by Chief Justice of India NV Ramana, observed that the companies involved in the legal wrangle should institute cases separately against different orders of the courts.(File Photo)
Published on Nov 24, 2021 04:22 AM IST
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By, Hindustan Times, New Delhi

Reliance extends deadline to seal deal with Future

  • The scheme of arrangement between Future and Reliance Retail entails the consolidation of Future Group’s retail, wholesale, logistics and warehousing assets into one entity.
The deal has been challenged by Amazon, an investor in Future Coupons, which is a shareholder in Future Retail Ltd.(Mint)
The deal has been challenged by Amazon, an investor in Future Coupons, which is a shareholder in Future Retail Ltd.(Mint)
Published on Oct 02, 2021 06:54 AM IST
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ByKalpana Pathak, Mumbai

Future moratorium ends; lenders plan to meet soon

  • While the moratorium ended on September 30, repayments would be due by end-December.
Future Retail will have to repay by the end of December its dues for the October-December period(REUTERS)
Future Retail will have to repay by the end of December its dues for the October-December period(REUTERS)
Published on Oct 01, 2021 05:46 AM IST
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ByShayan Ghosh, Kalpana Pathak, Mumbai

Future seeks urgent hearing on RIL deal

Appearing for the group companies, senior advocates Harish Salve and Mukul Rohatgi requested Chief Justice of India (CJI) NV Ramana to hear the appeal preferably on September 9—a week before the Delhi high court is set to consider initiating compliance proceedings.
The legal battle could well decide the future of the Indian retail landscape.(Representational image)
The legal battle could well decide the future of the Indian retail landscape.(Representational image)
Published on Sep 04, 2021 05:07 AM IST
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By, Hindustan Times, New Delhi

SC upholds Singapore court order on Future-RIL deal

The apex court held that the award of an EA of another country is enforceable under the laws in India.
The court also refrained from entertaining submissions by Future Group on ‘third parties’ being affected in proceedings.
The court also refrained from entertaining submissions by Future Group on ‘third parties’ being affected in proceedings.
Published on Aug 07, 2021 01:45 AM IST
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By, Hindustan Times, New Delhi

Banks wary of delay in Future funding plan

Burdened with debt, Biyani chose to sell the cash-strapped group’s assets to Mukesh Ambani’s Reliance Industries Ltd for 24,713 crore in August last year.
The acquisition of Future Group by Reliance Industries is the only way out, in the long run, said the second person, also a senior banker.(File photo)
The acquisition of Future Group by Reliance Industries is the only way out, in the long run, said the second person, also a senior banker.(File photo)
Published on Jul 07, 2021 12:00 AM IST
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ByShayan Ghosh, Kalpana Pathak, Mumbai

No recast for Future if RIL deal gets cleared

Future Retail’s lenders last week agreed to restructure its debt under parameters set by the Reserve Bank of India’s (RBI’s) KV Kamath committee, allowing the cash-strapped company to defer repayment by two years.
Future Retail’s lenders last week agreed to restructure its debt.(Bloomberg)
Future Retail’s lenders last week agreed to restructure its debt.(Bloomberg)
Published on Apr 21, 2021 08:02 AM IST
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ByShayan Ghosh, Kalpana Pathak, Hindustan Times, Mumbai

Debt-hit Future Lifestyle likely to get a lifeline from lenders

  • Future Group owes around $3 billion in loans, which bankers fear may turn sour if the legal battle with Amazon.com Inc. isn’t resolved quickly.
With the Future Group’s Rs.24,713 crore deal with Reliance Industries Ltd stalled again by a recent Delhi high court order, bankers are preparing loan recast proposals for Future Group firms(Hemant Mishra/Mint)
With the Future Group’s Rs.24,713 crore deal with Reliance Industries Ltd stalled again by a recent Delhi high court order, bankers are preparing loan recast proposals for Future Group firms(Hemant Mishra/Mint)
Updated on Mar 22, 2021 05:24 AM IST
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ByShayan Ghosh, Kalpana Pathak, Mumbai

Future to contest HC order on Biyani over Reliance deal

  • Two people familiar with Future Group’s legal plans confirmed this to Mint, adding that an appeal challenging the order may be filed on Monday or Tuesday.
Kishore Biyani, group CEO, Future group during the re–launch of the Bangalore Central mall that was launched 11 years back in this file picture from 2016. (Hemant Mishra/Mint)
Kishore Biyani, group CEO, Future group during the re–launch of the Bangalore Central mall that was launched 11 years back in this file picture from 2016. (Hemant Mishra/Mint)
Published on Mar 20, 2021 07:21 AM IST
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ByAnirudh Laskar, Livemint, Mumbai

HC restrains Future, upholds Singapore tribunal’s ruling

  • The Reliance-Future deal is awaiting clearances from the Supreme Court and the National Company Law Tribunal
The court also ordered the attachment of all properties of Kishore Biyani, and directed Future Group and its directors to deposit <span class='webrupee'>₹</span>20 lakh in the Prime Minister’s Relief Fund.(Mint Photo)
The court also ordered the attachment of all properties of Kishore Biyani, and directed Future Group and its directors to deposit 20 lakh in the Prime Minister’s Relief Fund.(Mint Photo)
Published on Mar 19, 2021 06:03 AM IST
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ByAnirudh Laskar, Richa Banka, Mumbai/new Delhi

Future urges Singapore tribunal to modify order to exclude FRL

  • Future group has realised that Future Retail cannot proceed with the deal owing to the SIAC order.
Home Town - One-stop destination for home solution from Future group. The store is located at Rajarhaat New Town, Kolkata. (Indranil Bhoumik/Mint)
Home Town - One-stop destination for home solution from Future group. The store is located at Rajarhaat New Town, Kolkata. (Indranil Bhoumik/Mint)
Published on Mar 18, 2021 08:18 AM IST
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ByAnirudh Laskar, Livemint, Mumbai

News updates from HT: PM Modi urges bolstering of indigenous defence manufacture

Here are today’s top news, analysis, and opinion. Know all about the latest news and other news updates from Hindustan Times.
Prime Minister Narendra Modi on Monday outlined that the country now has to step out from an import-dependent status and fast track its defence manufacturing capabilities. (PTI Photo)(PTI)
Prime Minister Narendra Modi on Monday outlined that the country now has to step out from an import-dependent status and fast track its defence manufacturing capabilities. (PTI Photo)(PTI)
Updated on Feb 22, 2021 01:00 PM IST
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By, Hindustan Times, New Delhi

Future Group creditors scramble to recover $2.5 billion loans

  • Future, India's No.2 retailer with more than 1,700 stores, has been hit hard by the pandemic and agreed to sell most of its retail assets to Mukesh Ambani-led Reliance in a $3.4 billion deal. The transaction, however, has faced legal hurdles with e-commerce giant Amazon.
The Future group and Amazon have been locked in a battle after the US-based company took FRL into an emergency arbitration over alleged breach of contract.
The Future group and Amazon have been locked in a battle after the US-based company took FRL into an emergency arbitration over alleged breach of contract.
Published on Feb 16, 2021 02:03 PM IST
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Reuters |

Amazon moves SC in Future Retail-Reliance case

In its petition on 25 Janaury, Amazon had alleged that the Rs.24,713 crore deal with RIL violates its investment agreement with Future Group that barred the company from selling its retail assets to Mukesh Ambani’s conglomerate among other specified entities without Amazon’s consent.
Delhi Court on 8 February also said that FRL is not a party to the Arbitration Agreement between Amazon and Future Group.(REUTERS)
Delhi Court on 8 February also said that FRL is not a party to the Arbitration Agreement between Amazon and Future Group.(REUTERS)
Published on Feb 12, 2021 03:38 AM IST
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Livemint | ByAnirudh Laskar, Mumbai

Amazon appeals to India's Supreme Court in Future deal dispute: Sources

Amazon, locked in legal disputes with Future, alleges the Indian firm violated contracts by agreeing to sell its retail assets to Reliance Industries last year. Future denies any wrongdoing.
The Amazon logo is seen at the Young Entrepreneurs fair. (Representative image) (REUTERS)
The Amazon logo is seen at the Young Entrepreneurs fair. (Representative image) (REUTERS)
Published on Feb 11, 2021 09:25 AM IST
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Reuters | , New Delhi

Siac panel set up for verdict in Future Group vs Amazon case

Amazon has also asked Sebi to direct Future Group from merging six Future Group companies, which are a key part of the deal with RIL.
On October 25, SIAC had passed an interim order in favour of Amazon, and restrained Future Group from proceeding with the deal.(REUTERS)
On October 25, SIAC had passed an interim order in favour of Amazon, and restrained Future Group from proceeding with the deal.(REUTERS)
Published on Jan 06, 2021 11:47 PM IST
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Hindustan Times, Mumbai | ByAnirudh Laskar

Amazon asks SEBI to wait for SIAC order

In a 21 December letter, Amazon told Sebi that the Singapore arbitration court’s ruling has been held valid under India’s arbitration Act by the Delhi high court and, hence, the Future group’s amalgamation must wait till the Singapore court gives a final judgement.
An employee of Amazon walks through a turnstile gate inside an Amazon Fulfillment Centre on the outskirts of Bengaluru.(REUTERS)
An employee of Amazon walks through a turnstile gate inside an Amazon Fulfillment Centre on the outskirts of Bengaluru.(REUTERS)
Updated on Dec 29, 2020 06:22 AM IST
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Livemint, Mumbai | ByAnirudh Laskar

In India’s retail, a battle of the billionaires

The battle for dominance in one of the fastest-growing major retail markets is being fought on the ground in India and the courts in Singapore and New Delhi.
Jeff Bezos, president and CEO of Amazon, and Mukesh Ambani, Chairman and Managing Director of Reliance Industries, are seen in this combination photo.(REUTERS)
Jeff Bezos, president and CEO of Amazon, and Mukesh Ambani, Chairman and Managing Director of Reliance Industries, are seen in this combination photo.(REUTERS)
Updated on Dec 23, 2020 04:54 AM IST
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Livemint, New Delhi | ByLivemint

Sebi seeks clarity on BSE nod to Future, Reliance agreement

The markets regulator has questioned BSE’s alacrity in clearing the share capital reorganization of Future Group firms, as part of a $3.5 billion acquisition by Reliance Industries Ltd (RIL), despite four unresolved complaints against the deal, including one by Amazon.com Inc.
According to a November 27 notification issued by the Securities and Exchange Board of India (Sebi) that sought an explanation from BSE, the country’s oldest exchange gave its no-objection certificate to the Future Group companies on November 6.(File photo)
According to a November 27 notification issued by the Securities and Exchange Board of India (Sebi) that sought an explanation from BSE, the country’s oldest exchange gave its no-objection certificate to the Future Group companies on November 6.(File photo)
Updated on Dec 03, 2020 05:58 AM IST
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ByAnirudh Laskar

‘Big Brother’ Amazon targeted in fight with Ambani over retailer

The stakes are high for both Amazon and Reliance. Securing Future’s assets will give Reliance, already India’s biggest retailer, an unparalleled edge in a market where most of the consumers still prefer shopping in stores. That’s an advantage Amazon is not willing to cede.
The legal spat has not only revealed the intensity of the fight between two of the world’s richest men -- Jeff Bezos and Ambani.(Reuters File Photo)
The legal spat has not only revealed the intensity of the fight between two of the world’s richest men -- Jeff Bezos and Ambani.(Reuters File Photo)
Published on Nov 25, 2020 01:45 PM IST
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ByBloomberg | Posted by Kanishka Sarkar

HC reserves order on Future Retail’s plea to injunct Amazon from interfering in Reliance deal

The Future Group and Amazon have been locked in a battle after the US-based company took FRL into an emergency arbitration over alleged breach of contract.
In August this year, Future had reached an agreement to sell its retail, wholesale, logistics and warehousing units to Reliance.(Indranil Bhoumik/mint)
In August this year, Future had reached an agreement to sell its retail, wholesale, logistics and warehousing units to Reliance.(Indranil Bhoumik/mint)
Published on Nov 20, 2020 09:22 PM IST
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New Delhi | ByPress Trust of India | Posted by Deepali Sharma

Why Amazon is feuding with a partner and billionaire Mukesh Ambani

Amazon has hinted that this spat is about India’s willingness to enforce business contracts. If Future is allowed to renege on a contract, it’ll mean business contracts are not sacrosanct and investments in India are risky, an inconvenient image as the nation looks to lure foreign investment.
The US e-commerce giant and Future Group, whose assets billionaire Mukesh Ambani’s Reliance Industries Ltd. recently agreed to buy for $3.4 billion, are locked in a dispute over that deal(REUTERS)
The US e-commerce giant and Future Group, whose assets billionaire Mukesh Ambani’s Reliance Industries Ltd. recently agreed to buy for $3.4 billion, are locked in a dispute over that deal(REUTERS)
Updated on Nov 12, 2020 09:16 PM IST
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ByBloomberg | Posted by Ayshee Bhaduri

Future hid facts, claims Amazon

In a letter addressed to Sebi, Amazon has alleged that Future Group has perpetuated “fraud” by misleading public shareholders. A copy of the letter was reviewed by Mint.
FILE PHOTO: The logo of Amazon is pictured inside the company's office in Bengaluru, India.(REUTERS)
FILE PHOTO: The logo of Amazon is pictured inside the company's office in Bengaluru, India.(REUTERS)
Published on Nov 10, 2020 04:10 AM IST
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Livemint, Mumbai | ByAnirudh Laskar

Jeff Bezos, Mukesh Ambani in battle over Future Group

Jeff Bezos-led Amazon Inc is trying to block Mukesh Ambani-led Reliance Industries’ $3.4 billion acquisition of India’s debt-laden local retailer Future Group. While Bezos is the world’s wealthiest person, Ambani occupies the sixth spot.
World’s wealthiest person and Amazon founder-CEO Jeff Bezos (REUTERS/Lindsey Wasson/File Photo)
World’s wealthiest person and Amazon founder-CEO Jeff Bezos (REUTERS/Lindsey Wasson/File Photo)
Updated on Nov 03, 2020 01:35 PM IST
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ByBloomberg | Posted by Karan Manral

Future, RIL to fight arbitration verdict

The investment gave Amazon a 5% indirect stake in Future Retail Ltd. The non-compete clause in the agreement restricted FCPL and its promoters from forging any alliance with RIL, among 30 other entities.
The assets of the debt-laden Future group, which include the popular Big Bazaar supermarket chain, are the bone of contention between the two billionaires.(REUTERS)
The assets of the debt-laden Future group, which include the popular Big Bazaar supermarket chain, are the bone of contention between the two billionaires.(REUTERS)
Updated on Oct 27, 2020 04:00 AM IST
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Hindustan Times, Mumbai | ByAnirudh Laskar

Future Group shares tank up to 10% after Reliance deal put on hold; RIL down 4%

Future Retail Ltd, which operates retail chains as Big Bazar and Easy Day said it is not a party to the agreement under which Amazon has invoked arbitration proceedings and the deal cannot be held back through the arbitration process.
Amazon, which had agreed to purchase 49 per cent of one of Future’s unlisted firms last year with the right to buy into flagship Future Retail Ltd after a period of three years to 10 years, had dragged Future to arbitration after it signed a pact to sell retail, wholesale, logistics and warehousing units to RIL.(Reuters file photo)
Amazon, which had agreed to purchase 49 per cent of one of Future’s unlisted firms last year with the right to buy into flagship Future Retail Ltd after a period of three years to 10 years, had dragged Future to arbitration after it signed a pact to sell retail, wholesale, logistics and warehousing units to RIL.(Reuters file photo)
Updated on Oct 26, 2020 08:25 PM IST
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New Delhi | ByPress Trust of India | Posted by Deepali Sharma

Amazon, Reliance in ‘face-off’ over assets of Future Retail Limited

Amazon and Reliance are led by two of the world’s wealthiest men--Jeff Bezons for Amazon and Mukesh Ambani for Reliance. Both the companies want stores and warehouses of Future Retail.
The logo of Amazon is pictured inside the company's office in Bengaluru, India (REUTERS/Abhishek N. Chinnappa)
The logo of Amazon is pictured inside the company's office in Bengaluru, India (REUTERS/Abhishek N. Chinnappa)
Updated on Oct 26, 2020 03:21 PM IST
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ByBloomberg | Posted by Deepali Sharma

Amazon open to help out Future Group

They said Amazon, which holds a 49% stake in Future Coupons Pvt. Ltd, had earlier informally helped Kishore Biyani-founded Future Group get new strategic partners and large institutional investors to help it with its debt crisis. Both people spoke on condition of anonymity.
Amazon’s plans to help Future stems from the concern that the RIL-Future deal may significantly increase the competition for Amazon, which has bet big on the Indian market.(Reuters)
Amazon’s plans to help Future stems from the concern that the RIL-Future deal may significantly increase the competition for Amazon, which has bet big on the Indian market.(Reuters)
Updated on Oct 23, 2020 04:27 AM IST
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Hindustan Times, Mumbai | ByAnirudh Laskar

Indian partner Future Group broke pact after Ambani sale deal, says Amazon

Amazon agreed to purchase 49% of one of Future’s unlisted firms last year, with the right to buy into flagship Future Retail Ltd. after a period of between three and 10 years.
Amazon agreed to purchase 49% of one of Future’s unlisted firms last year, with the right to buy into flagship Future Retail Ltd. after a period of between three and 10 years.(AP)
Amazon agreed to purchase 49% of one of Future’s unlisted firms last year, with the right to buy into flagship Future Retail Ltd. after a period of between three and 10 years.(AP)
Updated on Oct 08, 2020 02:09 PM IST
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ByBloomberg | Posted by Shivani Kumar
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Tuesday, January 18, 2022