Greeva Garg –
Published on: August 31, 2021, at 14:11 IST
E-Commerce giant Amazon has written to the India’s market regulator Securities and Exchange Board of India (SEBI) Chairman, Ajay Tyagi, to order withdrawal of conditional approval to the proposed warring partner Future Group’s $3.4 billion for buyout of retail assets sale by Reliance Industries.
Amazon urged SEBI to take necessary actions to comply with the recent Judgment pronounced by the Supreme Court of India on August 6, upholding the order of the Singapore-based Emergency Arbitrator (EA) that had stayed the Future-Reliance Deal in October 2020.
“In light of the directions contained in the enforcement judgment, and the EA (emergency arbitration) Order whose validity has been affirmed by the Hon’ble Supreme Court, Amazon requests you to take all such action as is necessary to comply with the Supreme Court Judgment, and to further ensure that no communications subsist or emanate which are at variance with the Supreme Court Judgment,” Amazon wrote in a letter dated August 17.
In a petition by Amazon last year, filed in the Singapore International Arbitration Centre (SIAC), it indicated a concerted fight to stall Reliance’s heighted dominance in Indian organized retail market.
Amazon wrote a letter to SEBI as well as Competition Commission of India (CCI) after Future Group filed a separate case against Amazon in the Supreme Court against its August 6 judgment, seeking the clearance of its deal with Reliance.
Amazon sought no clearance to the disputed Future-Reliance deal, citing the rational observations of SIAC and Supreme Court.
Also Read: Battle of the Titans: A Deep Dive into the Amazon Vs Future & Reliance Case