Future Group on Tuesday submitted before the Supreme Court that Future Retail Ltd, along with its 30,000 employees, will sink if the over Rs 24,000 crore deal with Reliance Retail fails.
Future Group also sought permission from a bench headed by Chief Justice NV Ramana to go ahead with the deal to sell its retail assets to Reliance Retail.
Senior advocate Harish Salve, representing Future Retail, submitted that the company is in a precarious financial position due to the COVID pandemic, and if its deal with Reliance is disrupted, 30,000 employees may lose their jobs. He said that his client should be allowed to obtain shareholder approval, and permission should be taken from CCI and NCLT.
“Let’s get to that last step… Amazon’s interests aren’t hurt,” he argued.
Senior advocate Gopal Subramaniam, representing Amazon, submitted that his client is offering to help the Future Group.
Senior advocate Mukul Rohatgi, appearing for Future Coupons, said the assets of the promoters of Future Group have been mortgaged, and if the deal with Reliance does not happen, everyone will be drowned, pointing out thousands of employees.
Referring to Indian laws, Salve said Amazon cannot give money to its clients as the law does not allow them to invest in multi-brand retail.
After a detailed hearing in the matter, a bench of Justices AS Bopanna and Hema Kohli reserved the verdict in the matter.
Future Coupons and Future Retail have moved the apex court challenging the March 2021 order of the Delhi High Court attaching the assets of Future Group companies and its promoters by the Singapore Tribunal for violation of the emergency award. Both the parties have so far filed several cases at various fora, including the apex court, Delhi High Court and Singapore International Arbitration Center (SIAC).
In 2020, Amazon called for arbitration after Future Retail announced its asset sale deal with Reliance Retail, a wholly owned subsidiary of Reliance Industries Limited.
In December last year, the Competition Commission of India (CCI) imposed a fine of Rs 202 crore on Amazon and suspended its approval for the e-tailer’s deal with Future Coupons, the promoter firm of the group’s publicly listed company Future Retail Ltd. Was. Asking for more information. The US e-commerce giant has challenged the CCI order in the National Company Law Appellate Tribunal (NCLAT).
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