Amazon successfully used the terms of its toehold $200 million investment in debt-laden Future to block the Indian retailer’s attempt to sell retail assets to a rival, alleging breach of certain contracts. In the latest filing, Future Retail argues that since 2019 deal no longer has antitrust approval.
Indian agency Future Retail has asked a New Delhi court to shut down the ongoing arbitration proceeding with Amazon.com, saying the country’s antitrust agency suspended a 2019 deal that Amazon used to make to assert its rights to Future. Amazon successfully used the terms of its $200 million property.
Investing in heavily indebted Future to block the Indian retailer’s attempt to sell its retail business to a competitor, accusing it of breaking some contracts. But India’s antitrust agency, India’s Competition Commission, suspended the 2019 deal in December, saying Amazon suppressed the information while seeking approvals. The long dispute was considered by an arbitration panel in Singapore, but the two sides fought parallel cases in Indian courts to enforce or overturn certain decisions made by the arbitrator.
In Future Retail’s latest New Delhi filing, the company claims that since the 2019 deal no longer has antitrust approval, it has “no legal existence” in India and Amazon can no longer claim any of its claims. Your rights. The “continuation of the whole arbitration process is a perpetuation of the illegality,” Future said in his Dec. 31 filing.
The case will likely be considered by the judges this week. Future and Amazon did not respond to a request for comment. The deposit has also shown that the appeal of the future at the Delhi Court comes after the Singapore Arbitration Group has not accepted its immediate requests to interrupt the procedure, claiming that the arguments will continue this month