Future Group asked to put retail biz deal on hold
RRVL has issued a statement saying it has entered into the transaction for the acquisition of assets and business of Future Retail under proper legal advice
The Singapore International Arbitration Centre has directed Future Group to put its plans of selling its business to Reliance Group on hold. The Group has been asked to wait for the final judgement on the plea filed by Amazon. Media reports say that Future Group may move Delhi High Court in the next few days against the order.
Future Group has been accused by Amazon for a breach of contract, which gave the US-based tech giant a 5% indirect stake in the former’s retail business. Following which, Amazon filed an arbitration petition with SIAC stating that the proposed deal between Future Group and Reliance Industries Limited cannot go forward.
Reliance Retail Ventures Limited (RRVL) released a statement saying that it intends to enforce its rights and complete the transaction with Future Group without any delay. “Reliance Retail Ventures Limited (RRVL) is informed of an interim order passed by the Emergency Arbitrator in the arbitration proceedings invoked by Amazon under a shareholders’ agreement with the promoters of Future group.
RRVL has entered into the transaction for the acquisition of assets and business of Future Retail Limited under proper legal advice and the rights and obligations are fully enforceable under Indian Law. RRVL intends to enforce its rights and complete the transaction in terms of the scheme and agreement with Future group without any delay,” read its statement.
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