Reiterating that the interim order of the Singapore International Arbitration Centre (SIAC) was not binding and enforceable in India, lawyers for Future Group argued in the Delhi High Court that Future Retail does not have any contractual rights with Amazon, hence does not need to seek permission from the US giant for any investments. The US giant has only invested in Future Coupons, a promoter company of Future Retail, they said.
Senior lawyer Harish Salve appearing for Future Retail said that by seeking to be informed of all investments the Amazon is not asserting its investor protection rights but trying to get indirect control over the listed Indian retailer.
He added that by putting in Rs 1,400 crore Amazon can't control the large Indian retail group. With this investment (Reliance) creditors worth's Rs 18,000 crore are being protected, who are all Indians and Amazon does not care about them.