24.6 C
Oacoma
Friday, August 19, 2022
HomeEconomyAfter talks with India's Future fail, Amazon continues to attack newspaper ads

After talks with India’s Future fail, Amazon continues to attack newspaper ads

Date:

NEW DELHI (Reuters) – Amazon.com said talks have failed to resolve a bitter dispute over the future of retail (FRTL.NS) Stores are charged by Reliance Industries (RELI.NS) Scam in Indian newspaper ads on Tuesday.

The US e-commerce giant has been challenging the sale of $3.4 billion of Future Group’s retail assets to the Reliance conglomerate announced in 2020, and the case is currently before the Indian Supreme Court.

“I’m sorry to say we’ve made efforts but I think nothing is possible via a solution,” Amazon attorney Gopal Subramanium told the court. “The conversation is over.”

Register now to get free unlimited access to Reuters.com

Register

Sources told Reuters that Reliance, which is also India’s largest retailer, stunned Amazon when it began acquiring prized real estate on Feb. Read more

In a previous legal argument, Amazon was able to block the sale of retail assets.

But Reliance’s sudden acquisition of more than 900 Future stores shattered what some analysts describe as an honor coup that spoils Amazon’s chances of untangling the transfer of future assets.

After the first store takeovers, Amazon proposed separate talks from the Supreme Court hearing to resolve the issue, but on Tuesday, attorneys for both Amazon and Future agreed that those negotiations had broken down.

Amazon was seeking in the Supreme Court to send the legal dispute back to arbitration in Singapore after Future successfully obtained an Indian court order to stop those proceedings. On Tuesday, Future said it was not opposed to arbitration in Singapore.

Earlier in the day, Amazon ran large advertisements in leading Indian newspapers titled “Public Notice” and said the actions taken by Reliance and Future were “conducted in a covert manner through the practice of defrauding the constitutional courts of India”.

Future lawyer, Harish Salvi, told the Supreme Court on Tuesday that the company did not move the stores to Reliance voluntarily.

Future said in filings this month that it cannot pay rent at many outlets due to its troubled financial position and that Reliance, which has acquired several leases, has issued it termination notices.

Reliance did not respond to a Reuters request for comment.

The newspaper’s announcements were intended to alert all stakeholders, including Future lenders, that transferring assets to Reliance is prohibited by law, according to a source familiar with the matter. The source was not allowed to speak to the media and refused to reveal his identity.

(The story corrects a typo in the title.)

Register now to get free unlimited access to Reuters.com

Register

(Reporting by Aditya Kalra and Abherop Roy) Editing by Edwina Gibbs

Our criteria: Thomson Reuters Trust Principles.

Latest stories

Must Read

How Old Is Sanna Marin? Net Worth, Age, Husband, And More!

Sanna Mirella Marin is a politician from Finland. She has been the country's prime minister since 2019. She has been a member of the...

Suki Waterhouse Shows Off Her Toned Abs In A White Crop Top And Purple Metallic Jeans

Suki Waterhouse showed off her toned midsection during her concert at Hollywood Forever Cemetery in Los Angeles.On Thursday, the 30-year-old actress and singer wore...

LEAVE A REPLY

Please enter your comment!
Please enter your name here