Connect with us
menu

Popular World News

India court says arbitration order stopping Future’s $3.4 billion retail deal valid By Reuters

inflation-proof or inflated expectations? By Reuters

ECONOMIC NEWS

India court says arbitration order stopping Future’s $3.4 billion retail deal valid By Reuters

2/2
© Reuters. FILE PHOTO: A woman shops inside the Big Bazaar retail store in Mumbai, India, November 25, 2020. REUTERS/Niharika Kulkarni/File Photo

2/2

NEW DELHI (Reuters) – India’s top court on Friday ruled that Future Retail’s $3.4 billion deal to sell its retail assets was bound by an arbitrator’s order that put the transaction on hold, in a big boost to partner Amazon (NASDAQ:) which had sought to block the deal. Amazon and Future had been locked in legal battles https://www.reuters.com/article/us-amazon-com-india-future-reliance-idUSKBN2AM0HN over the deal, with the U.S. firm accusing the Indian group of violating pre-existing contracts when it sold its assets to rival Reliance Industries. Future has denied any wrongdoing.
The Supreme Court said that an order by a Singapore arbitrator in October – that put the deal on hold after finding merit in Amazon’s objections – was valid. Amazon had argued that the order is binding, while Future had argued it was not.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.


Source link

Continue Reading
You may also like...
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

More in ECONOMIC NEWS

To Top
error: Content is protected !!
Top