Future Group And heroineUS e-commerce giant Future on Thursday agreed to begin talks to find an out-of-court settlement to a months-long dispute over the sale of its retail business. Senior advocate Gopal Subramaniam, representing Amazon, proposed before the top court on Thursday that the parties hold informal talks without intermediaries to reach a settlement. “Let us put our hands together and find a solution,” he said.
Future Group did not oppose his proposal. Senior advocate Harish Salve, who is arguing for one of the Future Group firms, said, “Now if he has seen the light of day and he wants to hold talks, what stops Bigg Boss from calling Amazon Mr (Kishore) Biyani? Is.” , answered.
The Supreme Court on Thursday was hearing Amazon’s plea against the Delhi High Court’s stay order on proceedings before the Singapore Arbitral Tribunal against Future Group’s proposed Rs 24,713-crore deal with Reliance Industries. A bench headed by Chief Justice NV Ramana said, “We think instead of all these proceedings do you want talks or mediation?”
The top court gave 12 days to both the groups to arrive at an amicable solution to the ongoing dispute. The three parties involved are Amazon.com NV Investment Holdings LLC, Future Retail Limited (FRL) and its promoter Future Coupons Private Limited (FCPL).
“We will adjourn the matter for 10 days only….. In the meantime, act with the understanding of the gentlemen. It would be better in the interest of business,” the Chief Justice said.
The Supreme Court is likely to hear the matter next on March 15.
The Supreme Court also said that proceedings in the Delhi High Court and the National Company Law Appellate Tribunal (NCLAT) may continue as per the schedule.
Salve said there have been reports that despite the legal ban, it is likely to file criminal proceedings against Amazon Future Group for allowing the transfer of assets to Reliance Industries. Amazon’s lawyer clarified that the news report was false. He also assured that Amazon will not proceed with any such criminal proceedings.
This comes after Reliance Industries stepped in to take over the operational charge of Future Group’s retail stores earlier last month.
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