Future Group refuses to implement Amazon’s investment in Future Coupons
24 February 2022, Mumbai:
Future Group recently informed the Supreme Court it will not be able to implement Amazon’s agreement to invest Rs 1,431 crore to acquire 49 percent equity in Future Coupons.
The Biyani controlled companies filed a joint affidavit in the SC and said the performance of the Future Coupons Shareholders Agreement (SHA) of August 22, 2019, has been rendered impossible.
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The group said, since the shareholding agreement cannot be implemented, the court should terminate the arbitration proceedings initiated by Amazon before the Delhi-based international arbitral tribunal to restrain Future Retail’s agreement with Reliance Retail, which promises to acquire the retail chain with an investment of Rs 25,000 crore.
Amazon had filed a special leave plea in SC challenging the decision of a division bench of the Delhi HC staying the arbitration proceedings till March 21 in view of the CCI order.
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