Amazon Is Ready To Help Future Retail

Amazon is ready to help Future Retail but beware in this matter.

Amazon Future Retail Ltd. (FRL) has said that the sale of small-sized stores without its consent by the company would be a violation of the ‘stop’ order.

However, at the same time, Amazon has reiterated its desire to address the financial crisis of the cash-strapped company.

In the letter sent by Amazon on January 19, it has been said that some media reports have come to know that FRL is looking to sell its small-size stores, Easyday, and ‘Heritage Fresh’ brands.

The letter said that such a sale without his (Amazon) approval would be in violation of the order. This prohibition is binding on the FRL and the directors of the FRL.

These include the independent directors of FRL. Amazon has said it is keen to find effective solutions for FRL.

Amazon has reiterated that FRL is bound to abide by the order issued by the Arbitration Tribunal and its enforcement by Indian courts.

“FRL may not, directly or indirectly, sell FRL Retail Properties without the consent of Amazon. At present, there is no response from Amazon and FRL in this regard.

Let us tell you that Amazon had moved the global e-commerce company Supreme Court challenging the Delhi High Court’s stay on the ongoing arbitration proceedings with Future Group.

Amazon is ready to help Future Retail: The Delhi High Court had stayed the ongoing arbitration proceedings in relation to the 2019 deal between the two firms.

After this, a special leave petition challenging the order of the Delhi High Court was filed in the Supreme Court.

The Delhi High Court had on January 5 stayed the further arbitration proceedings between the parties before the Singapore Tribunal till February 1.

The bench had issued notice on two appeals filed by Future Retail Ltd and Future Coupons Pvt Ltd. Reply to these notices is to be given by February 1, 2022.

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright © 2023 DNN All Rights Reserved