Wednesday, December 25, 2024

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Amazon plans to file criminal cases against future India store transfers

Amazon plans to file criminal cases against future India store transfers

Amazon.com Inc. plans to launch a criminal court proceeding this week against its future Indian partner to allow the transfer of assets to a major rival despite a legal prohibition, three sources with a direct knowledge of the question told in Reuters.

For more than a year, Amazon and Future Group have participated in a legal defect that has called $ 3.4 billion in $ 3.4 billion in Reliance industries.

Amazon has successfully mitigated the sale of assets of the future of the future to compete since 2020 in a violation of certain contracts.

The future, the second retailer of India, denies any wrongdoing. Amazon’s position was supported by a Singapore referee and Indian courts.

Reuters reported this week that Reliance had started taking more than 500 stores for the future, killing them as their own outlets.

Reliance had previously transferred leases from some of the flagship supermarkets for the future to his name, but allowed the future to continue to exploit them. Reliance has now started taking possession of them after the future has failed to make rental payments, sources said.

Amazon plans to engage in criminal proceedings against the future in a new Court of Delhi and to urge the Court to order an investigation into the issue, one of the sources that directly know the plans, said.

Two other sources stated that the trial could be tabled at this week.

The future, Amazon and Department did not immediately respond to Reuters emails looking for a comment.

Amazon will brighten up the future information concealed during the judicial proceedings and reportedly transferred rental contracts to the rival of the rival, even if a Singapore arbitrator had arrested any transfer or elimination of assets in the current dispute, the first source added.

“It’s going to be Amazon’s latest attempt (to stop the agreement),” said this source.

The plan to start criminal judicial proceedings would mark an important escalation in the legal battle between Amazon and its Indian retail rivals – Future retail and trust, which is led by Indian billionaire Mukesh Ambani.

The fight against the assets of the future is considered a battle for retail supremacy between the confidence and the Amazon of the India’s booming market.

By blocking the Future-Reliance transaction, Amazon has long argued that the future has violated the terms of a transaction of 2019 in which the US company has invested $ 200 million in part of Indian society.

The future responsible for the debt has already declared that Amazon interferes in an incorrect way in its retail business.

MoneyControl is part of the Network18 group. Network18 is controlled by an independent media trust, including Reliance Industries is the only beneficiary.

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