India's Future Retail files new case against Amazon in apex court

31 Aug '21

1 min read

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India’s Future Retail last week filed a new case against Amazon in the Supreme Court in a fresh effort to seek clearance for its $3.4-billion retail assets sale, which the later has challenged. The court had earlier said an October 2020 interim decision by a Singapore arbitrator that put its deal with Reliance Industries on hold following Amazon's complaint was valid in India.

"Please be informed that the company has filed a special leave petition before Hon'ble Supreme Court of India against the impugned orders dated 2nd February 2021 and 18th March, 2021 passed by 'Ld. Single Judge'...The SLP will be listed for hearing in due course," Future Retail said in a regulatory filing.

The top court had also said that Future could not appeal a lower court's decision against it.

In its filing, the Future Group has argued that if the deal with Reliance doesn't go through, it would cause ‘unimaginable’ damage to the group, including possible job losses for 35,575, and put at risk roughly ₹28,000 crore ($3.81 billion) in bank loans and debentures, according to Indian media reports.

Fibre2Fashion News Desk (DS)

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