Latest news with #FutureRetail
Mint
4 days ago
- Business
- Mint
Amazon awarded ₹23.7 crore in damages, ₹77 crore towards legal costs by Singapore arbitration body in Future Group case
Amazon has been awarded a sum of ₹ 23.7 crore by the Singapore International Arbitration Centre (SIAC) in damages linked to the tech giant's prolonged battle with Kishore Biyani-led Future Group, a new report has said. As per a report by Bar and Bench, the SIAC ruled that Future Group had breached its contractual obligations to Amazon when it entered into an agreement with Reliance, which was in violation to the terms of the pre-existing agreement. Livemint could not independently verify the details of the sum awarded to Amazon. This article will be updated once there is a confirmation. Amazon had originally sought ₹ 1,436 crore in damages — which is the amount it invested in Future Coupons Private Limited. However, it has only been awarded ₹ 23.7 crore. The company had also sought the legal costs it incurred in the arbitration proceedings as well as cases it had fought before courts and tribunals in India. According to sources quoted by Bar and Bench, the three-member SIAC tribunal held that the Future Group had indeed breached the contract and awarded 60 per cent of the legal costs that Amazon incurred during arbitration proceedings. It also refused to grant any costs related to the initiation or defence of allied proceedings. As per estimates quoted by the legal publication, Amazon awarded ₹ 77 crore and ₹ 6 crore in legal costs and arbitration fees, as opposed to the ₹ 125 crore it spent. The three-member tribunal comprised Prof Albert Jan van den Berg, Prof Jan Paulsson and Senior Counsel Michael Hwang. Future Group and Amazon had been locked in a bitter battle for over a year following a decision by the Indian retailer to sell its Big Bazaar business to Reliance Retail, a subsidiary of Reliance Industries. The deal was opposed by NV Investment Holdings LLC on grounds that its investment of ₹ 1,400 crore in Future Coupons, which is one of promoters of Future Retail, does not allow Future to sell retail assets to certain companies, including Reliance. At stake was whether Amazon can become a bigger force in a $900 billion retail market, with 1.3 billion consumers, than Reliance.
Mint
5 days ago
- Business
- Mint
Amazon awarded ₹23.7 crore in damages, ₹77 crore towards legal costs by Singapore arbitration body in Future Group case
Amazon has been awarded a sum of ₹ 23.7 crore by the Singapore International Arbitration Centre (SIAC) in damages linked to the tech giant's prolonged battle with Kishore Biyani-led Future Group, a new report has said. As per a report by Bar and Bench, the SIAC ruled that Future Group had breached its contractual obligations to Amazon when it entered into an agreement with Reliance, which was in violation to the terms of the pre-existing agreement. Livemint could not independently verify the details of the sum awarded to Amazon. This article will be updated once there is a confirmation. Amazon had originally sought ₹ 1,436 crore in damages — which is the amount it invested in Future Coupons Private Limited. However, it has only been awarded ₹ 23.7 crore. The company had also sought the legal costs it incurred in the arbitration proceedings as well as cases it had fought before courts and tribunals in India. According to sources quoted by Bar and Bench, the three-member SIAC tribunal held that the Future Group had indeed breached the contract and awarded 60 per cent of the legal costs that Amazon incurred during arbitration proceedings. It also refused to grant any costs related to the initiation or defence of allied proceedings. As per estimates quoted by the legal publication, Amazon awarded ₹ 77 crore and ₹ 6 crore in legal costs and arbitration fees, as opposed to the ₹ 125 crore it spent. The three-member tribunal comprised Prof Albert Jan van den Berg, Prof Jan Paulsson and Senior Counsel Michael Hwang. Future Group and Amazon had been locked in a bitter battle for over a year following a decision by the Indian retailer to sell its Big Bazaar business to Reliance Retail, a subsidiary of Reliance Industries. The deal was opposed by NV Investment Holdings LLC on grounds that its investment of ₹ 1,400 crore in Future Coupons, which is one of promoters of Future Retail, does not allow Future to sell retail assets to certain companies, including Reliance. At stake was whether Amazon can become a bigger force in a $900 billion retail market, with 1.3 billion consumers, than Reliance. The dispute arose in August 2020 when a deb-laden and loss incurring Future Group announced a ₹ 24,713 crore deal to sell its retail, wholesale, logistics and warehousing businesses to Reliance Industries. Amazon had raised immediate objections.
Time of India
25-04-2025
- Business
- Time of India
Sebi imposes Rs 10 lakh fine on Future Retail
"It was observed that Noticee (Future Retail) had disclosed the initiation of arbitration proceeding before SIAC initiated by Amazon on November 1, 2020, only after active intervention of stock exchanges," Sebi said. Tired of too many ads? Remove Ads Mumbai: Sebi has imposed a penalty of ₹10 lakh on Future Retail for alleged delay in disclosing arbitration proceedings and interim order by Singapore International Arbitration Centre( SIAC ).Amazon had raised concerns with Sebi regarding a scheme of arrangement between Future group and Mukesh Dhirubhai Ambani group. On October 5,2020, Amazon had initiated arbitration proceeding against Future Groups before April 7,2021, Sebi issued a show cause notice to Future Retail alleging violation of its disclosure norms. The regulator alleged that Future Retail didn't disclose the arbitration proceedings inspite of receiving the information about the commencement of the proceedings on October 5, 2020, from SIAC and even after filing its objection before SIAC on October 6, 2020."The same was required to be disclosed as soon as reasonably possible and not later than 24 hours, i.e., on or before October 6, 2020, as material event as required under LODR Regulations," Sebi said in an order on Thursday."It was observed that Noticee (Future Retail) had disclosed the initiation of arbitration proceeding before SIAC initiated by Amazon on November 1, 2020, only after active intervention of stock exchanges," Sebi said.
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Business Standard
24-04-2025
- Business
- Business Standard
Sebi imposes Rs 10 lakh penalty on Future Retail for disclosure gaps
The Securities and Exchange Board of India (Sebi) has imposed a penalty of Rs 10 lakh on Future Retail for alleged lapses in disclosures of material events such as arbitration proceedings and an interim order by the Singapore International Arbitration Centre (SIAC). In October 2020, Amazon had initiated arbitration proceedings against Future Group in SIAC. Amazon had raised concerns regarding a scheme of arrangement between Future Group and the Mukesh Ambani Group. The Sebi order states that after active intervention by stock exchanges, Future Retail made a disclosure regarding the SIAC interim order and provided details and the impact of the directions. The company had contended that the information was not material. Further, it had submitted to Sebi that the passing of the interim order was not unpublished price sensitive information (UPSI) under the Prohibition of Insider Trading regulations and that the development was widely covered by various media.
