Amazon is bringing us to our knees, we’re broke: Future Retail to SC
Highlight
- Future Retail’s Lawyer Informs Supreme Court Their Client Is Broke
- He also said that Amazon is bringing them to their knees
- Amazon’s lawyer says efforts to resolve long-running dispute with Future Retail have failed
Lawyers for Future Retail informed the Supreme Court on Tuesday that their client is broke and Amazon has taken the firm to its knees, after Amazon’s lawyer submitted that negotiations between the parties to settle legal disputes failed and Reliance is capturing Future’s shops.
Senior advocate Harish Salve, representing Future Retail, submitted before a bench headed by Chief Justice NV Ramana that nothing has been transferred and the rent of the shops has not been paid for more than two years. Salve said, “We did not have money, which is what we are saying from all the forums. The landlords are terminating our leases.”
He also said that Amazon was bringing them to their knees and they were broken.
Salve’s response came after a submission by senior advocate Gopal Subramaniam, representing Amazon, contended that Reliance was acquiring Future Retail Stores, despite the Supreme Court’s direction that no assets would be transferred. Subramaniam said, “It has been recorded, and orders have been violated while it is pending…”.
Initially, Amazon’s lawyer informed the top court that efforts to resolve the long-running dispute between their customer and Future Retail had failed. “The effort didn’t work and talks are over. Nothing is happening,” Subramaniam said.
The counsel for both the parties agreed to resume the arbitration proceedings in the tribunal, which has been stayed by the Delhi High Court.
Salve said that one can talk about the majesty and grandeur of things, “but when we break, we are broken”. He said that the acquisition of shops started 15 days back. “We have no control. Despite the ongoing litigation, Reliance is taking action. Reliance is holding power. We cannot do anything,” Salve said.
He further said that not a single store has been surrendered and Reliance has taken boards as they are entitled, all our assets are where they are. Senior advocate Mukul Rohatgi, representing Future Coupons, reiterated, “There are shops! What’s the point of saying it has been taken down?”
Salve said: “We can’t do anything. What should we do? We haven’t signed anywhere. In fact Mr. Biyani went and protested.”
Another Amazon lawyer said, “So all of a sudden they’re saying there’s no money so the stores are occupied? Look at the conduct.”
“Proceedings are on and everything is happening. We feel that by adjourning the matter, we are being lenient,” the bench said. Subramaniam said: “Let us go back to the tribunal… 80 per cent of the shops surrendered to Reliance.”
After detailed hearing, the top court allowed Amazon to file an application in the matter and fixed the matter for next hearing on Wednesday.
The top court was hearing Amazon’s challenge against the Delhi High Court order staying further arbitration proceedings with Future Group before the Singapore Arbitration Tribunal.
Future Retail Ltd (FRL) inked a Rs 24,713 crore deal with Reliance Retail to sell its business, which has been opposed by US-based e-commerce giant Amazon.