Shivani Gadhavi –
Published on: November 25, 2021 at 10:05 IST
The employees of Future Retail India appealed to the Supreme Court of India to permit the Retail group to sell its retail assets and give a judgment in their favor against the Amazon.com Inc in a dispute under way.
The Future Retail of India group cited in their plea that there is a risk for 27,000 employees of the company losing their jobs. A Future Retail Limited Employee Welfare Association stated, “…will be pushed into liquidation, resulting in its 27,000 employees losing their livelihoods. The families of employees will be on the streets.”
The dispute between Future Retail Limited and Amazon began when the former entered into a deal to sell its retail assets worth $3.4 billion to Mukesh Ambani’s Reliance group. Future Retail is facing a problem to close the deal with Reliance due to legal challenged imposed by Amazon.
The American Retailer claims that Future Retail Limited violated pre-existing norms from the contract which both the parties signed in 2019 while finalizing the deal. The contract has a prohibitory clause which bars the Future Retail from entering into business with a host of entities including the Reliance Industries.
The Apex Court on 23rd November, 2021 adjourned the hearing in the legal dispute between Amazon and Future Retail Limited citing reason as inconvenience caused by the voluminous documents placed on record by both the parties involved.
The Supreme Court Bench led by Chief Justice of India- N.V. Ramana oppugned both the parties involved over the submission of voluminous number of documents to the Court.
The Apex Court adjourned the hearing to 8th December, 2021 and ordered both the parties to files smaller number of documents.