After Scoring Big Win Over Amazon, A New Aggressive Move By Future Retail
NDTV
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.
India's Future Retail has asked a New Delhi court to declare ongoing arbitration proceedings with Amazon.com illegal, saying the country's antitrust agency had suspended a 2019 deal which Amazon used to assert its rights over Future.
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.
But the Indian antitrust body, the Competition Commission of India, in December suspended the 2019 deal saying Amazon suppressed information while seeking approvals.
The long-running dispute is being heard by a Singapore arbitration panel, but both sides have been fighting parallel cases in Indian courts to enforce or overrule certain decisions taken by the arbitrator.
