Home NewsAsia We Are Broke, Amazon Is Bringing Us To Our Knees: Future Retail To Supreme Court

We Are Broke, Amazon Is Bringing Us To Our Knees: Future Retail To Supreme Court

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New Delhi: US e-commerce main Amazon advised the Supreme Court docket on Tuesday that talks with Future group to resolve the dispute over Future Retail’s merger cope with Reliance Retail had failed and Reliance was taking up Future’s shops. 

On its half, Future Retail knowledgeable the Supreme Court docket that it was broke and Amazon had pushed the agency to its knees.

Senior advocate Harish Salve, representing Future Retail, advised a bench headed by Chief Justice NV Ramana that nothing had been transferred and the lease for the retailers had not been paid for over two years, IANS reported.

“Amazon has been driving us to the knees and so they have executed so. We’re broke. Nothing has been transferred. The rents haven’t been paid for over two years, we had no cash, which is what we have now been telling all boards. Our lease agreements are being terminated,” IANS quoted Salve as saying.

“We will speak concerning the glory and grandeur of issues, however once we are broke, we’re broke,” Salve mentioned.

Salve’s remark got here in response to arguments by Amazon’s senior legal professional Gopal Subramanium, who claimed that Reliance was taking up Future Retail retailers regardless of the Supreme Court docket’s order that no belongings be transferred.

“It has been recorded, and throughout the pendency, the orders have been flouted…,” Subramanium mentioned.

Paying attention to the submission of Amazon that Reliance was allegedly taking up FRL shops, the bench granted Amazon the freedom to file an software, giving particulars of reduction, and posted it for listening to on Wednesday.

On the outset, Amazon’s counsel notified the Supreme Court docket that his shopper’s efforts to resolve a long-running dispute with Future Retail had failed. “The efforts didn’t work and the dialog is over. Nothing is going on,” Subramanium mentioned.

Each events’ attorneys agreed to renew arbitration proceedings earlier than the tribunal, which had been halted by the Delhi Excessive Court docket.

Salve mentioned the takeover of the shops started 15 days in the past. “We now have no management. Reliance is taking motion regardless of the continuing litigation. Reliance is taking up. We won’t do something,” he mentioned.

Salve mentioned that not one retailer had been surrendered and Reliance took away the boards as they’re entitled to.

Mukul Rohatgi, a senior advocate representing Future Coupons, mentioned, “The retailers are there! What is the function of claiming it has been taken over?”

“We won’t do something. What can we do? We’ve not signed anyplace. Actually, Kishore Biyani (CEO of Future Group) went and protested,” Salve added.

“So all of the sudden they’re saying there isn’t any cash so the retailers are taken over? Take a look at the conduct,” one other Amazon’s counsel mentioned.

“Proceedings are happening and all the pieces is going on. We’re getting a sense that by adjourning matter, we’re being lenient,” the bench mentioned.

“Allow us to return to the tribunal…80 per cent retailers surrendered to Reliance,” Subramanium mentioned.

The Supreme Court docket was listening to Amazon’s problem in opposition to Delhi Excessive Court docket’s order staying additional arbitration proceedings with the Future Group earlier than the Singapore Arbitration Tribunal.

Future Retail Ltd (FRL) entered right into a Rs 24,713 crore cope with Reliance Retail to promote its enterprise, which has been objected to by the US-based e-commerce large Amazon.

(With inputs from companies)

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