Amazon, Future row continues in SC over Future-Reliance ₹24500 cr. proposed deal

Amazon and Future group continued to be at loggerheads with each other in the Supreme Court on Friday regarding a ₹24500 crore deal proposed between Future and Reliance.

Appearing before a Bench led by Chief Justice of India N.V. Ramana, senior advocate Gopal Subramanium urged for the resumption of arbitration and protection of Future Retail Limited assets until the final decision came from the arbitral tribunal.

Future’s charge

Future, represented by senior advocate Harish Salve, argued that Amazon was trying to “destroy” it by not letting it go ahead with the proposed deal with Reliance and by relentlessly pursuing litigation on various fora simultaneously.

Mr. Salve said Reliance had taken over most of its retail stores because of unpaid rent amounting to ₹ 4800 crore. “We are hanging by a thread,” he submitted.

Amazon’s plea

On the other hand, Amazon has urged the Supreme Court to intervene and ensure that Future retail assets are not taken over by Reliance.

Mr. Subramaniam has submitted that attempts were on to “topple the apple cart” and “things were being done”. “Things are being done… If I were to lose, without a manner of doubt, the scheme (the deal) will go through and the assets will go through the scheme to Reliance. I have no issue at all. But if I succeed, the assets should be there. I only want a protective order in relation to the retail assets,” he pleaded in the previous hearing.

The court has scheduled the case for hearing next on April 4.