HomeNewsAmazon tells Sebi to withdraw conditional nod to Future-RIL deal
Fight For Dominance The legal joust deepened further last week, when the Future Group filed a separate case against Amazon in the Supreme Court, seeking the clearance of its deal with RIL. Sebi, which had given a conditional nod to the proposed Rs 24,713 crore buyout of Future’s retail assets by India’s biggest conglomerate in January, had stated that a final go-ahead would be subject to the outcome of court proceedings in Indian courts.
Amazon objected to the proposed deal citing prior commitments made by the Future Group to the American major, with the origin of the dispute going back to Amazon’s investment of Rs 1,431 crore in Future Coupons, which held about 10% stake in the flagship Future Retail, in August 2019.
Following the announcement of the Future-RIL deal in August 2020, Amazon sent a legal notice to the Future Group in October and since then both parties have been fighting over the deal in Indian courts as well as at SIAC..