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Future Retail Says It Communicated With Reliance on Arbitration Order for ‘Legitimate Purpose’

Future Retail Says It Communicated With Reliance on Arbitration Order for ‘Legitimate Purpose’ 1r4hf

Amazon had asked the Securities and Exchange Board of India (SEBI) to investigate Future Retail for insider trading. 5m2j1

By Reuters | Updated: 12 November 2020 11:29 IST

Future Retail Says It Communicated With Reliance on Arbitration Order for ‘Legitimate Purpose’

Amazon has been urging SEBI to review Reliance's August deal to buy assets from Future Group 3d3o3j

Highlights

Amazon argues it had a 2019 agreement with Future Group
The agreement prevented Future's retail asset from being sold to Reliance
Amazon needs a "tutorial on the law on insider trading," Future said

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India's Future Retail communicated with Reliance on an arbitration order related to its dispute with Amazon for a "legitimate purpose", the company said on Wednesday.

The comments come after Reuters earlier in the day reported an injunction granted by a Singapore arbitrator to block its $3.4 billion (roughly Rs. 25,300 crores) deal with Reliance.

"Proprietary and legality demands that in such an event, the counterparty is informed about the development ... SEBI Regulations too are quite clear on this," the company said in a statement.

Amazon Accuses Future of Insider Trading in Bid to Block Reliance Deal

Amazon needs a "tutorial on the law on insider trading," the company added.

The US e-commerce giant has been urging SEBI to review Reliance's August deal to buy retail, logistics and other assets from Future Group for $3.4 billion (roughly Rs. 25,300 crores) including debt.

Amazon argues it had a 2019 agreement with Mukesh Ambani.

Amazon to Reply on Future Retail’s Reliance Deal Plea: Delhi High Court

© Thomson Reuters 2020

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