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Corporate Law News 03 January 2022
Corporate Law News 03 January 2022
Future Retail has asked a Delhi High Court to declare ongoing arbitration
proceedings with Amazon illegal. According to Future Retail, India’s antitrust
agency, Competition Commission of India had suspended the 2019 deal on the
ground that Amazon suppressed information while seeking approvals.
Amazon used this 2019 deal to assert its rights over Future Retail and to block
its attempt to sell retail assets to Reliance Retail, a rival of Amazon. In its latest
filing in Delhi High Court, Future Retail argues that since the 2019 deal no
longer has antitrust approval, it has "no legal existence" in India and Amazon
can no longer assert any of its rights.
Amazon’s position has so far been backed by the Singapore arbitrator and
Indian courts. But antitrust suspension can make it easier for Future Retail to
push through its attempts to sell retail assets to Reliance and weaken Amazon's
legal position.