Amazon liquidation india

NEW DELHI, March 16 (Reuters) - For more than a year, Amazon.com Inc and India's Future Group have been locked in a complex legal stand-off that has stalled Future's $3.4 billion sale of assets to rival Reliance Industries Amazon and Future agreed to out-of-court settlement discussions this month, but the two sides told India's Supreme Court on March 15 they had failed to resolve the matter. Following is a guide to the dispute. THE TRIGGER In 2019, Amazon and Future, the No. 2 player in India behind market leader Reliance, became business partners when the U.S. company invested $200 million in a unit of the Indian group. That deal, Amazon argues, came with non-compete clauses that prohibited Future from selling retail assets to certain rivals, including Reliance, run by India's richest man, Mukesh Ambani. The deal's terms call for disputes to be settled by the Singapore International Arbitration Centre. In 2020, Future - hit hard by the COVID-19 pandemic - decided to sell assets to Reliance. Amazon then approached Singapore arbitrators and successfully stopped the sale. Both parties have also challenged each other in Indian courts, including the Supreme Court. THEIR ARGUMENTS Amazon argues various agreements signed in 2019 with Future gave it special rights over Future's retail assets, some of which it had also hoped to ultimately own should India's rules for foreign investors be eased. The potential Future-Reliance deal "destroys" the latter prospect, the U.S. company has...

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