Amazon and Future Group have been in a legal stand-off for more than a year that has stalled Future’s $3.4 billion sale of assets to Reliance Industries. Amazon will initiate criminal proceedings this week against its Indian partner Future Retail for allowing the transfer of assets despite a legal prohibition.
It has been backed by a Singapore arbitrator and Indian courts.
Reliance Industries has begun to take possession of some of Future’s stores after failing to make rental payments to it, sources have said. Amazon plans to initiate criminal proceedings against Future in a New Delhi court, sources say. The online retail giant will urge the court to order an investigation into the matter, sources close to the matter said.
Complete News Source : Business Standard
