In a touching Instagram post, Bipasha shared adorable pictures of themselves
A Singapore arbitration panel has put on hold Future Group's $3.38 billion asset sale to Reliance Industries Ltd, an interim win for Amazon.com Inc, which had alleged the deal between the Indian firms breached existing agreements.
Amazon received an emergency order to halt the companies from proceeding with the deal until an arbitration tribunal is formed, a source with direct knowledge of the matter told Reuters.
Amazon last year bought a 49 per cent stake in Future Coupons Ltd, which owns a 7.3 per cent stake in Future Retail. In August, Mukesh Ambani's Reliance decided to buy retail, wholesale and some other businesses of Future Group in a deal valued at $3.38 billion, including debt.
But Amazon’s investment came with contractual rights that include a right of first refusal and a non-compete-like pact, media had reported, and Amazon later started arbitration proceedings in Singapore.
“It’s a comprehensive victory for Amazon,” a source with direct knowledge of the decision said. “They’ve won an injunction to stop the deal.”
Two sources familiar with the matter said the temporary injunction was not automatically enforceable in India and that the order would have to be ratified by an Indian court.
In a statement, Amazon said: “We are grateful for the order which grants all the reliefs that were sought. We remain committed to an expeditious conclusion of the arbitration process.”
Reliance Retail intends to complete the transaction under the terms of the agreement with Future Group without any delay, Reliance Retail Ventures Ltd said in a statement on Sunday.
“RRVL has entered into the transaction for acquisition of assets and business of Future Retail Limited under proper legal advice and the rights and obligations are fully enforceable under Indian Law,” the statement added.
Future Group was not immediately reachable for comment.
In a touching Instagram post, Bipasha shared adorable pictures of themselves
In this opulent saga, Bhansali delves into the world of Basra pearls
The news comes just two days after his rape conviction was overturned by the New York Court of Appeals
The AFI Life Achievement Award is the highest accolade granted by the American Film Institute
The paths of these two stars have intersected on several occasions due to their association with the luxury brand Bulgari
The students' demands range from a ceasefire in Israel's war with Hamas to calls for universities to stop investing in Israeli enterprises
Despite Kohli's flowing form ahead of the T20 World Cup in June, pundits have raised concerns over his strike-rate
Saudi Arabia has begun to explore extracting lithium from sea water