In the ongoing legal fight between Amazon Inc and Future Retail group, the e-comm giant has moved the Supreme Court, challenging the $3.4 billion retail asset sale to Reliance Retail Ltd, three sources told Reuters on Thursday.
Amazon, locked in legal disputes with Future, alleges the Indian firm violated contracts by agreeing to sell its retail assets to Reliance Industries last year. Future denies any wrongdoing.
The Delhi court this week dealt a blow to the US firm by revoking a previous court decision that effectively blocked the deal, and Amazon has filed an appeal against it in the Supreme Court in the capital city, the three sources said.
In the Delhi court, Amazon had argued that an October decision by an arbitrator who had put the Future-Reliance deal on hold is enforceable. While a Delhi court judge ruled in Amazon’s favour recently, effectively blocking the deal, that decision was overturned by a two-judge bench on Monday.
Amazon will argue in its Supreme Court challenge that the arbitration order is valid, one of the sources said.
The dispute centres around Future’s decision in August to sell its retail, wholesale and some other businesses to Reliance for $3.38 billion, including debt.
Amazon argues that a separate 2019 deal it had with a Future unit had clauses saying the Indian group couldn’t sell its retail assets to anyone on a “restricted persons” list, including Reliance.
(With Agency Inputs)
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