India’s Future Retail Ltd (FRL) said that Singapore court order in its dispute with Amazon.com Inc is inapplicable on the company under Indian law.
On 25th October, the ruling was in favour of Amazon from Singapore court to pause the FRL’s deal, for the sale of its retail assets to Reliance for $3.4 billion. It was said that the Indian retail group did not fulfil pre-existing agreements which it had already in place with Amazon.
Both companies were in the news on the deals and both FRL and Mukesh Ambani said that they want to complete the deal without any delay. FRL said that any attempt on the part of Amazon to force the order will be resisted. The company’s spokesperson said that FRL will legally do everything to protect its rights. The was no statement issued yet by Amazon on this matter.
It was reported by the “Reuters” that Amazon had complained to India’s market regulator for misleading the shareholders, by incorrectly saying that it was complying with its contractual obligations, seeking suspension of the deal`s regulatory view.
FRL in his complaint said that it is complying with all the requirements to continue to review its deal with Reliance group for approval. The dispute arose because of FRL decision to sell its business to Reliance for $3.38 billion including debt. Amazon said that it had a separate deal with FRL since 2019 clearly said that FRL cannot sell its retail assets and business to anyone on a “restricted persons” list including any firms from Reliance chief Mukesh Ambani’s group.
The deal specified any disputes would be settled under Singapore International Arbitration Centre rules.
Ford Motor company sold its struggling factory in Brazil to Construtora Sao Jose and FRAM capital without revealing any other details such as the deal value and transaction details.
A previous agreement was not successful with the Brazilian automaker, CAOA, when Ford tried to sell its factory, last year in Sao Bernardo do Campo. The factory used to make Ford Fiesta and buses but the factory was struggling with the declining sales of the Ford Fiesta and ford already shut down the plant.