We Are Broke, Amazon Is Bringing Us To Our Knees: Future Retail To Supreme Court
Future Retail's senior attorney, Harish Salve, told the bench led by Chief Justice N.V. Ramana that nothing had been transferred and that the rent for the shops had not been paid for over two years.
New Delhi: US e-commerce major Amazon told the Supreme Court on Tuesday that talks with Future group to resolve the dispute over Future Retail's merger deal with Reliance Retail had failed and Reliance was taking over Future's stores.
On its part, Future Retail informed the Supreme Court that it was broke and Amazon had driven the firm to its knees.
Senior advocate Harish Salve, representing Future Retail, told a bench headed by Chief Justice NV Ramana that nothing had been transferred and the rent for the shops had not been paid for over two years, IANS reported.
"Amazon has been driving us to the knees and they have done so. We are broke. Nothing has been transferred. The rents have not been paid for over two years, we had no money, which is what we have been telling all forums. Our rent agreements are being terminated," IANS quoted Salve as saying.
"We can talk about the glory and grandeur of things, but when we are broke, we are broke," Salve said.
Salve's comment came in response to arguments by Amazon's senior attorney Gopal Subramanium, who claimed that Reliance was taking over Future Retail shops despite the Supreme Court's order that no assets be transferred.
"It's been recorded, and during the pendency, the orders have been flouted...," Subramanium said.
Taking note of the submission of Amazon that Reliance was allegedly taking over FRL stores, the bench granted Amazon the liberty to file an application, giving details of relief, and posted it for hearing on Wednesday.
At the outset, Amazon's counsel notified the Supreme Court that his client's efforts to resolve a long-running dispute with Future Retail had failed. "The efforts did not work and the conversation is over. Nothing is happening," Subramanium said.
Both parties' lawyers agreed to resume arbitration proceedings before the tribunal, which had been halted by the Delhi High Court.
Salve said the takeover of the stores began 15 days ago. "We have no control. Reliance is taking action despite the ongoing litigation. Reliance is taking over. We can't do anything," he said.
Salve said that not one store had been surrendered and Reliance took away the boards as they're entitled to.
Mukul Rohatgi, a senior advocate representing Future Coupons, said, "The shops are there! What's the purpose of claiming it's been taken over?"
"We can't do anything. What do we do? We haven't signed anywhere. In fact, Kishore Biyani (CEO of Future Group) went and protested," Salve added.
"So suddenly they are saying there's no money so the shops are taken over? Look at the conduct," another Amazon's counsel said.
"Proceedings are going on and everything is happening. We're getting a feeling that by adjourning matter, we're being lenient," the bench said.
"Let us go back to the tribunal...80 per cent shops surrendered to Reliance," Subramanium said.
The Supreme Court was hearing Amazon's challenge against Delhi High Court's order staying further arbitration proceedings with the Future Group before the Singapore Arbitration Tribunal.
Future Retail Ltd (FRL) entered into a Rs 24,713 crore deal with Reliance Retail to sell its business, which has been objected to by the US-based e-commerce giant Amazon.
(With inputs from agencies)
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