LI NETWORK
The Delhi High Court is likely to pronounce its verdict in the plea filed by Future Group Ltd. on barring Amazon from interfering in the Reliance-Future Group deal.
In August, the Future Group had announced to sell its retail and wholesale business for Rs 24,713 crore to Reliance Retail.
Further, it had also announced the merger of companies – Future Retail, Future Consumer, Future Lifestyle Fashions, Future Market Networks, and Future Supply Chains into FEL.
Global retail giant Amazon had sent a legal notice to promoters of Future Group for breach of contract concerning the deal.
Amazon alleged Future Group for not meeting its Right of First Refusal contractual obligations which the former got when it bought a 49% stake in Future Coupons.
Amazon alleged in the said legal notice that, it was denied the Right of First Refusal (RoFL) in Future Group’s deal with Mukesh Ambani’s Reliance Industries Ltd.
