BIGGEST RETAIL WAR IN INDIA BY MONISHA ACHARYA@LEXCLIQ

INTRODUCTION

Mukesh Ambani Reliance Industries is on the way to become the biggest retail industries. It has been developed in different market area over the era. It has given competition to different industries i.e. by creating JIO Network, it was competitor to Airtel , Vodafone , idea and other mobile networking industries.
Reliance Group have made its monopoly establishment and it has main focus on Retail Expansion and in recent times it has acquire Future Group with deal of 24 thousand core which is whole sale and retail business i.e. Big bazar , central , etc.
After this deal reliance will get access to 1800 stores and  they are in way to give competition to D-Mart  but all the retail war scenario is started from this deal only know as
AMAZON V. RELIANCE –
Amazon which had earlier invested in future group’s coupons and buy the shares of 49 % which is roughly translated into a 3.5 % stake in future Retail.

While doing this they mentioned few conditions for Future Group and in their agreement out of which one of the condition was –
That there was list of Industrialist mentioned by amazon which Future Group had to abide by not selling the stake to these listed people without amazon consent. And in that list there was the name mentioned of MUKESH AMBANI.

As now Future group had sell their stake to reliance group and according to amazon according to their condition as mentioned above this deal is invalid between the reliance industries and future group.

Amazon filed its case in Singapore International Arbitration, as in their agreement it was mentioned that if any dispute between amazon and future group takes place it will sue the case in Singapore arbitration.
And in this case Judgment given by Singapore Arbitration is in favor of Amazon and the deal between the Reliance and Future group was put on hold.
As this judgment was given in Singapore arbitration and in India there is no such express mechanism to enforce the international arbitration order, and abid  party comply by themselves to the order.
So Amazon urges to the Market Regulators that the decision given by arbitration to be implemented. I.e. in India SEBI and Competition Commission of India approval is needed in order to regulate this deal. So SEBI can only tell this deal is valid or not.

Reliance group and Future group have completely denied to approve the order of the arbitration and both the group stated that the order is not enforceable according to the India law, and despite of interim order they are ready to complete the deal.

So now amazon have option to file the case in High Court under section 9 of Arbitration and conciliation act which provide interim measures.
And recently Future Group have file caveat in high court that state no action can be taken , and no order can be passed to future group without giving notice to them.

CONCLUSION
So, this case result is still pending and who will win it, time will tell us that. And it had made a biggest headline on the retail market.

 

Monisha Acharya

An aspiring lawyer in process.

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