Future Group files lawsuit against Amazon over Reliance deal
Future Group has filed a lawsuit against Jeff Bezos-led Amazon in Delhi HC to stop the US-based e-tailer from interfering in the Rs 24,713-crore Reliance-Future deal.
In the filing Future Retail reiterated it was not a party to the transaction.
Last month, Amazon had approached SIAC saying Future Retail violated its contractual agreement by selling the retail assets of Future Group to Reliance.
The dispute stems from Amazon's Rs 1,431 crore investment for 50 per cent stake in Future Coupons, which in turn holds 10 per cent stake in the flagship Future Retail, in August last year. As a part of the deal, Biyani had also entered into a restriction on transfer of shares to specified persons and right of first offer of shares to Amazon as well, according to filings made by Future Retail at the time.
This list of "specified persons" included Reliance Industries, and other retailers. However, after this deal, Future Retail's performance languished and Biyani's personal debts put pressure on the share price of the company.
Eventually, in August, Reliance Retail announced the deal to acquire Future Group’s retail assets for Rs 24,713 crore, including debt obligations.
The sale would include brands like Big Bazaar, Foodhall, fbb, Nilgiris, Easyday, Central and Brand Factory and give access to over 1,700 stores across various formats.
