NEW DELHI: Amazon.com Inc on Sunday won an interim award against its partner Future Group selling retail business to Reliance Industries Ltd for Rs 24,713 crore after a Singapore-based single judge arbitration panel put the deal on hold.
Amazon, which had agreed to purchase 49 per cent of one of Future’s unlisted firms last year with the right to buy into flagship Future Retail Ltd after a period of three years to 10 years, had dragged Future to arbitration after the indebted Kishore Biyani group firm signed pact to sell retail, wholesale, logistics and warehousing units to billionaire Mukesh Ambani’s Reliance.
Passing an interim award in favour of Amazon, V K Rajah asked the Future group to put the deal on hold and said that the deal cannot go through until it finally decides the matter, sources with direct knowledge of the development said.
Confirming the development, an Amazon spokesperson said that the arbitration panel has granted the reliefs sought by it and expect an expeditious conclusion of the arbitration process.
Esta historia es de la edición October 26, 2020 de Millennium Post Delhi.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 8500 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición October 26, 2020 de Millennium Post Delhi.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 8500 revistas y periódicos.
Ya eres suscriptor? Conectar
Noida's elevated road reopens after resurfacing and repairs
In a bid to benefit commuters and enhance their driving experience, the Noida’s elevated road which is considered as one of the city’s main arteries has been repaired, resurfaced and opened once again for the public after being partially closed for nearly a week, said officials.
Akhilesh Yadav spearheads INDIA's rise in UP, outperforms BJP in key seats
BjP loses from Faizabad, the seat of Ayodhya Ram Temple
'I'm the first Jaideep Ahlawat'
The Paatal Lok’ star said that acting aspirants should quit complaining about nepotism
Coco Gauff reaches French Open semi-finals in doubles; Paolini, Bopanna-Ebden duo advance
Coco Gauff reached the French Open semi-finals in doubles on Wednesday, a day after getting that far in singles.
India open T20 WC campaign with eight-wicket win over Ireland
Skipper Rohit Sharma’s freak upper arm injury came as a dampener but India’s four-pronged pace attack was too deadly for an out-of-depth Ireland during a walk-in-the park eight-wicket victory in their opening game of the T20 World Cup here on Wednesday.
Slim majority for BJP poses challenges to reforms agenda, say Rating agencies
Fitch Ratings and Moody’s Ratings speak about implication of Modi-led BFP losing its majority
Coal India's contribution to govt exchequer drops 2.2% to Rs 9,560 crore in April-May
Total levies paid to the government in May went up to Rs 4,763.20 crore from Rs 4,716.5 crore paid in the corresponding month of FY23
Indian-origin astronaut Sunita Williams flies to space for 3rd time
Indian-origin astronaut Sunita Williams flew to space for the third time on Wednesday along with a colleague, scripting history as the first members aboard Boeing's Starliner spacecraft on a 25-hour flight to the International Space Station.
Israel bombs Gaza as mediators to discuss truce-hostage plan
Israel’s military pounded central Gaza with heavy air strikes on Wednesday as US, Qatari and Egyptian mediators planned to resume talks on a truce and hostage release deal.
LS poll results big mandate against Modi, says Congress
Modi boasts about third term despite fewer seats, says Ramesh
