FILE PHOTO: A woman shops inside the Big Bazaar retail store in Mumbai, India, November 25, 2020. REUTERS/Niharika Kulkarni
January 5, 2022
NEW DELHI (Reuters) – An Indian court on Wednesday halted Future Group’s ongoing arbitration with estranged partner Amazon.com Inc in light of an Indian antitrust agency’s suspension of a 2019 deal between the two sides.
The U.S. company successfully used the terms of its 2019 investment in a Future unit to block the Indian retailer’s attempt to sell retail assets to rival Reliance Industries, alleging breach of certain contracts.
But after the antitrust agency suspended the 2019 deal last month citing supression of information by Amazon while seeking clearances, Future argued there was no legal basis for the arbitration between the two sides to continue.
A two-judge bench of the Delhi High Court on Wednesday agreed with Future’s arguments, putting the arbitration proceedings on hold.
(Reporting by Aditya Kalra in New Delhi and Abhirup Roy in Mumbai; Editing by Sanjeev Miglani)
Source: One America News Network
