Mitali Palnitkar
Published on: March 15, 2022 at 22:14 IST
The Supreme Court was told that the talks between Amazon and Future Companies Failed. Thus, Reliance was taking over the Assets of the Future Companies.
The Bench comprised Chief Justice of India NV Ramana and Justices AS Bopanna and Hima Kohli. It was hearing Amazon’s challenge to the Order of Delhi High Court which Stayed the Proceedings before a Singapore International Arbitration Centre (SIAC) Tribunal in relation to its E-Commerce 2019 deal with Future Coupons.
Senior Advocate Gopal Subramanium representing Amazon submitted that Mediation between the two parties failed. He informed the Court that ‘Something Else’ was happening instead.
Senior Advocate Harish Salve representing the Future Coupons submitted that Solicitor-level conversations took place and an Offer was made by Chairman of Future Group Kishore Biyani, but it Failed.
Chief Justice of India Ramana stated, “So we have to decide whether the Stay on Arbitration Proceedings before Singapore International Arbitration Centre can continue or not. Also, how did your Client take away the stores etc?”
Senior Advocate Salve explained that nothing is transferred yet. The Rents were not paid for two years, Leases were terminated by Landlords, and they were not in a Position to Pay. Future owes a huge amount to Reliance and it has no money to pay them. Thus, Reliance signed up with the Landlords.
The Court expressed that the Proceedings before the Arbitrator did not Amount to anything, and it would be taking a Lenient View if it Adjourns the Matter.
Senior Advocate Subramanium pointed out that Reliance took over the stores after the Chief Justice passed an Order. Mr. Salve replied that no store was Surrendered, only the Lease and License Agreement was Forfeited.
Senior Advocate Salve stated, “Reliance came and overnight removed the Boards as Law Permits.” He added, “This litigation has driven us to Bankruptcy.”
He further submitted that Reliance was acting outside Litigation and that it took over the Future Assets as it has been driven to its knees.
The Court directed Future Coupons to reply to Amazon’s Application by March 16, 2022, when the matter will be heard again.
On March 3, 2022; the Court had asked Future and Amazon to come to a ‘Gentleman’s Agreement’ out of Court.
Also Read: Battle of the Titans: A Deep Dive into the Amazon Vs Future & Reliance Case