KNOWLEDGE is POWER / REAL NEWS is KEY
New York: Monday, January 17, 2022
© 2022 U-S-NEWS.COM
Online Readers: 333
New York: Monday, January 17, 2022
Online: 345
Donald Trump's new social media platform "TRUTH Social" Join the Waiting List - Click here
Smartphone with Amazon logo is seen in front of displayed Indian flag in this illustration taken

MONEY & BUSINESS: Amazon files new legal challenges in dispute with Future Group-sources



FILE PHOTO: Smartphone with Amazon logo is seen in front of displayed Indian flag in this illustration taken, July 30, 2021. REUTERS/Dado Ruvic/Illustration

January 9, 2022

By Aditya Kalra

NEW DELHI (Reuters) – Amazon.com Inc has filed fresh legal challenges in its long-running dispute with Indian retailer Future Group after the national antitrust agency suspended a 2019 deal between the two sides, leading to a halt in their arbitration, four sources told Reuters on Sunday.

The Competition Commission of India (CCI) last month suspended its approval of Amazon’s 2019 deal with Future, denting the U.S. e-commerce giant’s attempts to block the sale of Future’s retail assets to Indian market leader Reliance Industries.

The suspension jolted Amazon as subsequently a New Delhi court halted the arbitration proceedings between the two sides.

Late on Saturday night, Amazon filed an appeal against the CCI suspension decision at India’s National Company Law Appellate Tribunal, two of the sources said.

Separately, two other sources said, Amazon also filed a challenge in the Supreme Court against the Delhi court decision in which judges last week that said Future-Amazon arbitration proceedings must remain on hold until Feb. 1 in light of the antitrust suspension of the deal.

Amazon and the CCI did not immediately respond to requests for comment.

The filings are the latest in the bitter legal dispute which has embroiled Amazon, Future and Reliance over what is seen as a battle for retail supremacy in India’s booming consumer market.

Reliance, run by one of India’s richest men Mukesh Ambani, wants to expand its footprint by acquiring debt-laden Future, but Amazon has told India’s antitrust body it believes Reliance’s consolidated position “will further restrict competition in the Indian retail market”.

Amazon has long argued that Future violated the terms of its 2019 deal in deciding to sell retail assets to Reliance. The U.S. company’s position has so far been backed by the Singapore arbitrator and Indian courts. Future denies any wrongdoing.

But after the CCI suspended that deal’s approval, saying Amazon suppressed information while seeking clearances for the deal, Future has argued Amazon no longer has any legal basis to pursue the dispute.

Both of Amazon’s appeals, to the Indian tribunal and Supreme Court, are likely to be heard in coming days, two of the sources said.

(Reporting by Aditya Kalra in New Delhi; Editing by Ana Nicolaci da Costa and Lincoln Feast.)





Source link

(Visited 3 times, 1 visits today)
KNOWLEDGE is POWER / REAL NEWS is KEY
Woke & Liberal News is Fake News
You will find it on:
CNN - CBS - MSNBC - ABC - The New York Times - The Washington Post - Facebook - Twitter and more
They ALL SUCKS and simply DO NOT tell you the truth PERIOD

WARNING! If you usually get your news from one of these so-called "News Services" Welcome to you, but be prepared for big surprises!
eg. 2+2 is not 5 or 22 but 4 - There is not 57 different genders, only 2
KNOWLEDGE is POWER / REAL NEWS is KEY
Help your friends, family and the truth by sharing this page and articles.
Amen and a-women

PGlmcmFtZSB3aWR0aD0iNjQwIiBoZWlnaHQ9IjM2MCIgc2Nyb2xsaW5nPSJubyIgZnJhbWVib3JkZXI9IjAiIHN0eWxlPSJib3JkZXI6IG5vbmU7IiBzcmM9Imh0dHBzOi8vcnVtYmxlLmNvbS9lbWJlZC92cGVmZ24vP3B1Yj00Ij48L2lmcmFtZT4=
WATCH THIS!

PGlmcmFtZSB3aWR0aD0iNjQwIiBoZWlnaHQ9IjM2MCIgc2Nyb2xsaW5nPSJubyIgZnJhbWVib3JkZXI9IjAiIHN0eWxlPSJib3JkZXI6IG5vbmU7IiBzcmM9Imh0dHBzOi8vd3d3LmJpdGNodXRlLmNvbS9lbWJlZC9KcWlBWFdWUEFLcGYvIj48L2lmcmFtZT4=
THIS IS IT!!!