Future Group’s plea to the Delhi High Court was dependent on the Competition Commission of India suspended the 2019 deal between Amazon and Future Coupons. It prayed that since the deal between Amazon and Future Coupons was in abeyance, the arbitration did not hold value. Future Group had made a similar plea to the SIAC. The tribunal, too, rejected its plea.
Future Retail’s independent directors had earlier written to the CCI to cancel the approval for the 2019 deal between Amazon and Future Coupons because Amazon had “concealed facts” at the time of seeking approval for its investment. This deal, in which Amazon had invested ₹1,431 crore in Future Coupons Private Limited, is at the centre of the ongoing dispute between Amazon and Future Retail.
Amazon has written to the independent directors of Future Retail Ltd FRL alleging that their rejection of an offer by Samara Capital shows that these actions are only for the benefit of the promoters and others involved in the proposed transaction with Reliance, and called upon them to reconsider the offer of assistance for the cash-strapped retailer.
Amazon had told FRL that Samara Capital remains interested in buying out the debt-strapped retailer’s businesses such as Big Bazaar for Rs 7,000 crore, and had asked FRL to provide its financial details to Samara for the private equity fund to conduct expedited due diligence.
Amazon questions FRL rejection
