May 31, 2023

Great Indian Mutiny

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The Supreme Court of India has ruled against Amazon’s biggest competitor

Srinagar (India), August 6 (EFE) .- The Supreme Court of India on Friday ruled in favor of global e-commerce company Amazon, blocking Reliance, a leading Indian retailer, from considering a part of it. Second, the future group’s assets are worth $ 3.4 billion.

The Supreme Court of India upheld the order of an international arbitrator in Singapore, mediating a legal dispute between two of the world’s richest men, Jeff Bezos of Amazon and Mukesh Ambani of Reliance. In India’s lucrative retail sector.

The apex court ruled that it was “absolutely wrong” to say that Indian law would nullify the order made during the arbitral tribunal, so its decision remained the same.

Amazon has challenged the decision of its partner futures group, its wholesale business, its logistics division and more than 1,700 stores in more than 400 cities in India, a large country of 1.35 billion people.

The e-commerce company, which has a 49 per cent stake in the future, argued that the deal to merge the two companies would prevent any deal with Reliance.

The deal between Amazon and Future, which owns some of India’s best supermarket brands such as Big Bazaar, prohibits the sale of its assets to various listed companies, including Mukesh Ambani’s.

The ruling by the Singapore International Arbitration Center (SIAC) preceded last October, in which Reliance blocked the future of the deal in an interim order.

But the future rejected any misconduct and stressed that the decision of the Singapore arbitrator was invalid or unenforceable in India.

A lower court previously ruled in favor of the future, prompting Amazon to challenge the ruling in the Supreme Court, which today ruled in favor of the U.S. company.

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Amazon had demanded that the decision of the international arbitrator in India be implemented on the basis of the $ 6.5 billion investment in the Asian country and that it would face irreparable damage if the Supreme Court did not intervene. EFE

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