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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10 January 2022, Mumbai:

Steps Up Legal Battle With Future After Stay On Arbitration

Use-tailer Amazon has stepped up its legal battle with Kishore Biyani's Future Group, challenging a Competition Commission of India (CCI) order at the National Company Law Appellate Tribunal (NCLAT) and filing a petition in the Supreme Court to quash a Delhi high court order.

Favourable outcomes for Amazon can derail the Big Bazaar parent's preparations for its Rs 25,000-crore asset sale to Reliance Retail.

TOI had reported that Future Group is likely to approach the National Company Law Tribunal (NCLT) to seek approval for a shareholders' meet after a division bench of the Delhi HC on January 5 stayed ongoing Amazon Future arbitration proceedings before a Singapore tribunal.

SOURCE: TOI Dt 10-01-2022

(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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07 January 2022, Mumbai:

​Value fashion retailer V-Mart Retail doesn’t expect a big drop in revenue in the coming quarters, despite the fresh disruptions caused by the Omicron variant of Covid.

The company has witnessed a slight drop in footfalls over the last few weeks due to the Omicron fear, however, doesn’t expect it to have a major impact on its numbers this year.
 
“We have not seen too much of footfall drop, but there is an impact, which has started coming in from last week. We started seeing a little slowdown in footfall from the last week. So, it was almost below the pre-COVID levels," Lalit Agarwal, chairman and managing director at V-Mart Retail said in a statement.

 

“On revenue, we don’t see a big drop due to a rise in the number of Covid-19 cases this time around. The consumption has come up and since the company caters to needs, customers will buy when they need to,” he added.

 
V-Mart is currently operating 300 stores. It recently opened a store in the state of Uttar Pradesh and plans to open another 12-15 stores this year.

FASHION NETWORK 

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

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Shoppers are staying away from malls and high streets amid concerns over the new wave of the pandemic, hurting sales during what usually are busy shopping days at the start of the year.

Footfalls, or the number of visitors, at top malls in Mumbai, Delhi, and Bengaluru were down 15 25% in the past three days compared with this time last year, industry executives said.

They expect the return of restrictions like night and weekend curfews and limited attendance at gatherings to weigh on business, but the impact to be also short-term as the infections are not seen as severe as during the previous Co vid waves.

They also expect authorities to avoid harsh steps and allow most economic activities to go on.

SOURCE: ET Dt 04-01-2022 

(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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