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Amazon moves Delhi HC, seeks Biyani's detention, attachment of assets

The Jeff Bezos-led company has also called for enforcement of the emergency award of the arbitration panel, restraining Future Group from moving ahead with its deal with RIL

twitter-logoBusinessToday.In | January 26, 2021 | Updated 00:22 IST
Amazon moves Delhi HC, seeks Biyani's detention, attachment of assets

E-commerce company Amazon has moved Delhi High Court seeking seizure of assets of Future Group founder and CEO Kishore Biyani and his detention in prison for violating Singapore International Arbitration Centre's award by going ahead with its deal with Reliance Industries Ltd (RIL).

The Jeff Bezos-led company has also called for enforcement of the emergency award of the arbitration panel, restraining Future Group from moving ahead with its deal with RIL.

Amazon has also sought directions for attaching assets of Future Group companies and related parties, along with that of Biyani. It said Biyani, other promoters and directors of Future Group "deliberately and maliciously" disobeyed the emergency award of the arbitration panel.

ALSO READ: SEBI approves Reliance-Future deal, BSE grants 'no-adverse-observation' status

The e-commerce company has also asked the court to restrain Future Group from alienating, disposing, transferring or creating encumbrances on its assets. The court is likely to take up the plea for hearing this week.

In a regulatory filing, Future Retail confirmed that it has heard from Amazon's lawyers about the matter.

"...we would like to inform that the company is in receipt of communication dated January 25, 2021 from lawyers of Amazon.com NV Investment Holdings LLC informing that Amazon has filed a petition under Section 17(2) of Arbitration and Conciliation Act, 1996 before Hon'ble High Court of Delhi," it said, adding that the company will defend the matter through its legal counsel.

ALSO READ: Amazon urges SEBI to suspend review of Future-Reliance deal

In 2019, Amazon had acquired 49 per cent stake in Future Coupons, the promoter firm of Future Retail in a deal worth nearly Rs 2,000 crore.

In 2020, Future Group entered into an agreement with Reliance Retail, a subsidiary of the umbrella RIL, to sell its retail, wholesale, logistics and warehousing to the latter for Rs 25,000 crore. However, Amazon claims that Future violated the agreement it had earlier signed with the e-commerce giant, where it was supposed to get the right of first refusal to buy out the beleaguered retailer.

ALSO READ: Delhi HC seeks Future Retail's stand on Amazon's plea challenging court observations

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