Victory for Amazon as Indian court stops approval of asset sale
Amazon has accused Future Group of violating a partnership contract when it agreed to sell assets to Reliance Industries in 2020
New Delhi — India’s supreme court stopped regulatory approval for the Future Group’s $3.4bn asset sale to Reliance Industries, halting the deal for now and handing a legal win to Amazon.com, which wants to scuttle the transaction in its bid to dominate the country’s retail sector.
Agreeing with the US e-commerce giant’s petition, the top court on Monday overturned a lower court’s ruling and said the company tribunal can continue hearing the case but must not give a final nod till further orders. The court also sought written statements from Future Retail and said it would hear the case after five weeks. Future’s stocks and bonds fell...
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