07 January 2022, Mumbai:

The Future Group is likely to approach the National Company Law Tribunal for a shareholders meeting after the Delhi high court on Wednesday stayed proceedings in the ongoing Amazon-Future arbitration before a Singapore tribunal.

The shareholder approval is key for its proposed Rs 25,000-crore asset sale to Reliance Industries (RIL), a transaction which US e-tailer Amazon has been trying to block for over a year Amazon and Future Group are locked in a bitter legal tussle with the US retailer Amazon.

SOURCE: TOI Dt 07-01-2022 

(The news article has not been edited by DFU Publications staff)

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03 January 2022, Mumbai:

BIYANI COS HAD SOUGHT TERMINATION OF PROCESS

The Delhi High Court dismissed two petitions by Future Group seeking that a Singapore tribunal is directed to hear its plea on terminating the arbitration initiated by Amazon, ahead of final proceedings scheduled this week on the case.

Future Retail Ltd (FRL) and Future Coupons Pvt Ltd (FCPL) had approached the Delhi court with separate petitions calling upon it to ask the Singapore International Arbitration Centre (SIAC) to give precedence to its December application for terminating the process instead of completing the remaining hearings as scheduled in the year-long arbitration.

"Both the petitions are dismissed." justice Amit Bansal ruled on Tuesday, a day after hearing arguments from the petitioners and Amazon's lawyers".

SOURCE: ET Dt 05-01-2022 (The news article has not been edited by DFU PUBLICATIONS staff)

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04 January 2022, Mumbai:
Kishore Biyani's Future Retail (FRL) has filed a writ petition before the Delhi high court, seeking to quash the Singapore arbitration proceedings, which had ruled in favour of US e-tailer Amazon.

FRL's move comes ahead of further hearings at Singa-pore International Arbitration Centre (SIAC) that are set to take place soon. While the petition was heard on Mon- day, the court is expected to pass an order on Tuesday.

SOURCE: TOI Dt 04-01-2022 (The news article has not been edited by DFU Publications staff)

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06 January 2021, Mumbai:

Jammu and Kashmir government on Wednesday signed a Memorandum of Understanding (MoU) with UAE-based Lulu Group to set up a food processing and logistics hub in Srinagar.

The MoU was signed in the presence of Lieutenant Governor Manoj Sinha and LuLu Group Chairman. Yusuff All MA

LG Manoj Sinha also inaugurated Jammu and Kashmir promotion week at the LuLu Hypermarket in Dubai.

ET 

Online sales up 10-15% in one week as curbs return; cos ready to meet demand

Sales of daily essentials including packaged foods, soaps, and hygiene products have surged on e-commerce platforms in the past s ven days as states have imposed several curbs to check Covid-19 infections.

Limited operating hours at stores and consumers staying indoors fol lowing the surge in cases has also contributed to higher online sales, executives said.

SOURCE: TOI Dt 06-01-2021

(The news article has not been edited by DFU Publications staff)

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05 January 2022, Mumbai:

Future Retail and its promoters have filed appeals before the division bench of the Delhi High Court challenging the order passed on Tuesday that dismissed the Group's petitions for termination of the Amazon arbitration.

The Delhi High Court on Tuesday dismissed the pleas moved by Future Group companies seeking a direction to the arbitration tribunal, adjudicating Amazon's objections against Future Group's deal with Reliance, to take a decision on their application for terminating the arbitration proceedings before moving any further.

"The Company has filed an appeal in the Delhi High Court being Diary No.20543 / 2022 Date 05/01/2022 challenging the Order dated 04.01.2022 passed by Single Judge of Delhi High Court," said Future Retail in a regulatory filing.

The appeal will be listed before the Chief Justice of Delhi High Court at 02:15 p.m. on Wednesday, it added.

"Further, it may also be noted that Future Coupons Private Limited and other Promoters of the Company have also filed a similar appeal which would be heard simultaneously," it added.

The Singapore International Arbitration Center (SIAC) is adjudicating Amazon's objections against Future Group's Rs 24,713 crore deal with Reliance Retail Ventures Ltd, a subsidiary of Reliance Industries Ltd (RIL).

On Tuesday, the single-member bench of Justice Amit Bansal, said it was not for the court to interfere with the scheduling of the arbitration proceedings and no grounds for interference were made out in the present petitions.

He said the tribunal has already fixed January 8, as the date for hearing the termination application after cutting short the scheduled four days' hearing of the expert witnesses.

Amazon and Future have been locked in a bitter legal tussle after the US e-commerce giant dragged Future Group to arbitration at the Singapore International Arbitration Centre (SIAC) in October 2020, arguing that FRL had violated their contract by entering into a deal for the sale of its assets to billionaire Mukesh Ambani's Reliance Retail on a slump sale basis for Rs 24,500 crore.

In December, the Competition Commission of India (CCI) suspended its over-two-year-old approval for Amazon's deal to acquire a 49-per cent stake in Future Coupons Pvt Ltd (FCPL), FRL's promoter, and also slapped a penalty of Rs 202 crore on the e-commerce major.

Amazon is objecting to the sell-off plans, accusing Future Group of breaching its 2019 investment pact. Future Coupons was founded in 2008, and is engaged in the business of marketing and distribution of gift cards, loyalty cards and other reward programmes to corporate customers.

Several issues arising from the Amazon-Future legal battle are pending before the Supreme Court.

Reliance Retail Ventures, had for the second time - extended the timeline for completing its Rs 24,713 crore deal with Future group to March 31, 2022 as it still awaits regulatory and judicial clearances.

BUSINESS STANDARD 

(The news article has not been edited by DFU PUBLICATIONS staff) 

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04 January 2022, Mumbai:

The Delhi High Court dismissed both the petitions filed by Future Coupons and Future Retail seeking termination of SIAC's order.

In a major setback to Future Group, the Delhi High Court on Tuesday dismissed Future Group's plea seeking termination of the order passed by the Singapore International Arbitration Centre (SIAC). The Delhi High Court dismissed both the petitions filed by Future Coupons and Future Retail seeking termination of SIAC's order.

Future Retail Ltd (FRL), along with its promoters, approached the High Court of Delhi against the orders passed by the Singapore International Arbitration Centre (SIAC) last week related to the Future-Reliance deal.

Future Retail filed a writ petition before Delhi High Court seeking to halt arbitration proceedings in light of CCI order.

The Singapore tribunal had on December 30 refused to consider the Future group's request for terminating the arbitration proceedings before the commencement of the final hearing this week.

In August 2020, the Future group had announced Rs 24,713-crore deal for the sale of the retail and wholesale business and the logistics and warehousing segment to Reliance Retail Ventures Ltd, a subsidiary of Reliance Industries Ltd.

OUTLOOK 

 (The news article has not been edited by DFU Publications staff)

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03 January 2021, Mumbai:

Body Confederation of All India Traders (CAIT) has strongly appealed & demanded Union Commerce Minister, Piyush Goyal to release out e-commerce policy and rules at the earliest, this on Sunday said that the move thretens traders to shut their businessesgiven the level playing field.

In a letter to Piyush Goyal, CAIT observed, “The traders in the country shall be compelled to close their businesses in a phase-wise fashion owing to the unfair and unethical business practices of the e-commerce companies prevalent all through."

Given the regulations around the e-commerce sector in India and unfair business practices including predatory pricing, aggressive discounting, cash burn, exclusivity, unfair advantage of they owning inventory and preferential seller system by e-commerce companies such as Amazon, Flipkarts of the world.

Just to emphasize the merit of CAIT arguement, it had sought a ban on Amazon’s portal and its operations in India for multiple reasons & in perpetuity in the past. 

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