Amazon and Future Retail
: The 18 Month Old Feud Has Some Hope Now
Amazon was planning to initiate criminal court proceedings this week against its Indian partner Future Retail for allowing the transfer of assets to Reliance.
The feud among the three started in late 2020 when Future Retail agreed to sell its stake to Reliance despite being legally prohibited.
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Reliance is amazon’s biggest rival in India and does not want
to take control of Future retails, the owner of Big Bazaar.
The Supreme Court said it will hear the matter again on March 15, telling Amazon.com and Future Retail to find ways to reach a settlement.
The Supreme Court gave a 12-day time for both the groups to find a solution to the legal impasse that has brought Future Group on the verge of bankruptcy.
Lawyers for both Future Group and Amazon on Thursday agreed to initiate talks to find an out of the court settlement between the US giant and Future Group.