homelegal NewsAmazon proposes resolution to Future dispute via talks, Supreme Court allows time till March 15
Amazon proposes resolution to Future dispute via talks, Supreme Court allows time till March 15
Amazon-Future case: The Supreme Court has allowed time till March 15 for Amazon and Future group to explore settlement via negotiation.
E-commerce giant Amazon on Thursday offered to hold talks with Kishore Biynai-led Future group to arrive at a resolution of the dispute over which the two companies have been engaged in a legal stand-off for more than a year.
“We have always been willing to have a dialogue, conversation… These are not intractable issues, the issue can be resolved. We must discuss, we must put our heads together for a solution. We cannot have four different sets of proceedings, this is a whirlpool,” Amazon.com told the Supreme Court at a hearing today.
Future Group submitted its willingness to hold talks for a breakthrough even as its lawyers seemed skeptical of Amazon’s offer. Future Group said if Amazon has seen “light of day, nothing prevents the big man behind Amazon from calling Biyani.”
The top court welcomed talks saying the move is in the interest of all stakeholders. It has allowed time till March 15 for the two companies to explore settlement via negotiation.
Amazon has also assured that it will not launch any fresh proceedings against Future while the talks are underway.
Amazon and Future Group have been engaged in a legal battle for more than a year now. Future decided to sell its Big Bazaar retail business to Reliance Retail, a subsidiary of Reliance Industries Limited (RIL). Amazon, however, is trying to block the sale of Future’s retail, wholesale, and logistics business to RIL Ltd for Rs 24,713 crore for allegedly violating contracts.
The e-commerce giant contests that its 2019 deal with a Future unit contained clauses prohibiting the group from selling its retail assets to anyone on a "restricted persons" list that included Reliance.
Earlier in January, the Future Group sought the Supreme Court's approval to proceed with its deal with Reliance Retail. It submitted that the apex court has already reserved passing final orders--protecting Amazon's interests by doing so--and that it should be allowed to secure shareholder approval.
Note To Readers
Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Lok Sabha Election 2024: I.N.D.I.A. bloc to hold rally at Mumbai's BKC today
May 17, 2024 5:18 PM
In Ayodhya, voters talk of a promise fulfilled and yearning for development
May 17, 2024 2:10 PM
Fight of heavyweights in Sambalpur where farmers, weavers hold the key
May 17, 2024 12:25 PM
Odisha: Fight of heavyweights in Sambalpur where farmers, weavers hold the key
May 17, 2024 10:22 AM