News: Indian court restrains Future chief from selling assets in dispute with Amazon.
NEW DELHI (Reuters) – An Indian court on Thursday prevented Future Group boss Kishore Biyani from selling his personal fortune after Amazon.com Inc. contested the sale of the retail business by the Indian group for $ 3 . $ 4 billion had happened.
Amazon is embroiled in a dispute with Future, which allegedly breached certain contracts by selling its retail properties to market leader Reliance Industries last year. The future denies any wrongdoing.
While the cases are being fought on various forums, in a Delhi Supreme Court case, Amazon had asked the court to detain Biyani in a civil prison for allegedly violating an arbitrator’s order that blocked the transaction.
On Thursday, Judge Biyani and others questioned the case issued a “Show Cause” notice explaining why they should not be sent to civil prison for failing to follow the referee’s instructions.
Justice JR Midha also said Biyani and other respondents are unable to dispose of their property. “The assets … are hereby attached,” says the order.
Amazon declined to comment, while a spokesperson for Future and Biyani did not respond to a request for comment.
A source with direct knowledge said Future will soon dispute the order.
Amazon has also challenged the deal in the Indian Supreme Court, which stated in February that final approval by a company court should not be granted until it hears objections from Amazon.
Future’s net worth litigation has embroiled two of the richest men in the world – Jeff Bezos of Amazon and Mukesh Ambani of Reliance. The end result will shape India’s pandemic-ridden shopping sector and will determine whether Amazon is able to contain Reliance’s dominance.
Reporting by Aditya Kalra and Abhirup Roy; Arrangement by Steve Orlofsky
Original Source © Reuters