Astha
Senior Advocate Harish Salve, representing Future Retail (FRL), told the Delhi High Court that the American giant Amazon still thinks it’s living during the time of East India Company.
This remark came while Salve argued that Amazon’s interference in the Future Retail deal with Reliance is irrelevant.
Earlier, Amazon had moved to the Emergency Arbitrator of the Singapore International Arbitration Centre (SIAC), which ordered a stay on the Reliance-Future Retail deal.
Future Retail, against the stay, approached the Indian court and argued that Amazon is not even a minority shareholder.
It holds stakes in the Future Coupons (FCPL), which is a shareholder in the Future Retail (FRL).
Salve compared Amazon with a clean-shaven man who is trying to joining the race exclusively for men with beard, saying that it could’ve grown a beard too.
Jeff Bezo’s owned company had argued that the lawsuit could not be maintained as there is already an order of the Emergency Arbitrator.
As per Amazon, represented by Senior Advocate Gopal Subramanium, Reliance is enlisted in the group of 30 entities that could not transact with the Biyani-owned company(FRL).
Salve told the single-judge bench of Justice Mukta Gupta that the order of the Emergency Arbitrator held no importance.
He stated, “I am subject to Indian courts. If a gentleman sitting in Singapore says something, I can bin that order. It is not to show any disrespect. I’m saying that as a matter of law…”
Salve, defended the transaction with Reliance by saying that FRL did what was necessary to rescue it from bankruptcy.
The August Board Resolution was passed to save the company. He further said that the directors have a fiduciary responsibility towards the shareholders.
Salve said, “Amazon has no voting rights or Board position, but says that you dare not take a decision without me on saving yourself…In today’s day and age, to say that I will kill a 25k crore company…God knows if Amazon still thinks that it’s living during the time of the East India Company!”
The next hearing is scheduled for November 19.