17 March 2022, Mumbai:
US e-commerce company Amazon has urged the Supreme Court to allow arbitration proceedings in Singapore to resume as talks with Future Group for an out-of-court settlement of their dispute have failed.
In early March, the top court had halted Amazon’s petition challenging the Delhi High Court to stay the arbitration process as lawyers for both Future and Amazon agreed to initiate talks to find a solution out of court to their 18-month-old discord.
On Amazon's lawyers raising the issue of RIL taking over hundreds of Future Retail stores, Harish Salve, appearing for FRL said, his client had not transferred anything to Reliance and that FRL was unable to pay rents to the landlords for more than two years.
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He said Reliance went ahead and signed those leases in its favor and then allowed FRL to continue operations through those stores on a ‘leave and license’ agreement basis.
As FRL was unable to pay Rs 1,500-2,000 crore, Reliance terminated the leases and took possession of the stores, he added.
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Meanwhile Rahul Garg, Non-Executive Director, Future Retail has resigned from the group’s Board of Directors and other committees with effect from March 14, 2022.
He made a valuable contribution to the company during his tenure as the Director. Garg is the Partner and Co-Head India Private Equity strategy of Premji Invest.
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