Get latest Future Retail News/Updates and Results/Analysis. Future Retail, IndusInd Bank, L&T: How to trade these news-driven stocks? Future Retail - one of country's top retailers - has been locked in a bitter dispute with Amazon over its $3.4 billion retail assets deal with Relianc... Future group shares, RIL gain after CCI nod for Reliance Retail deal. Amazon’s stake is held through a 49% ownership, bought last year for ₹1,500 crore, in Future Coupons. The approval by the Competition Commission of India (CCI) is a setback for U.S. giant Amazon, which has argued that a 2019 agreement it inked with Future prevented the Indian group from selling its retail assets to certain parties, including Reliance - led by Asia's richest man, Mukesh Ambani. Amazon on Oct. 25 won an injunction from a Singapore arbitrator to halt Future's deal to sell retail assets to Reliance. The reply is awaited. Rupee opens 10 paise higher against the US dollar, Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. Watch the Insights from the business community on how to Reboot, Reload and Relaunch the Indian Economy on 26 th September from 12pm onwards on Times Network. Future Group has plead the court to stop Amazon from approaching the Indian regulators with an interim relief given by a Singapore-based arbitrator. Get latest Future Retail News/Updates and Results/Analysis. Union Bank of India said it proposes to raise up to Rs 6,800 crore during this fiscal to fund business growth. The approval by the Competition Commission of India (CCI) is a setback for U.S. giant Amazon, which has argued that a 2019 agreement it inked with Future prevented the Indian group from selling its retail assets to certain parties, including Reliance - led by Asia's richest man, Mukesh Ambani. Amazon indirectly owns a 5% stake in Future Retail, which runs all the grocery stores of the group --Big Bazaar, HyperCity, Easyday and Nilgiri's. Future Retail Ltd response in enclosed. Its revenue from operations was down 73.86 per cent at Rs 1,424.21 crore during the quarter under review as against Rs 5,449.06 crore in the corresponding quarter last year. Last Sunday, the SIAC passing an interim award in favour of Amazon had asked the Future group to put the deal on hold and said that the deal cannot go through until it finally decides the matter. Future Retail - one of country's top retailers - has been locked in a bitter dispute with Amazon AMZN.O over its $3.4 billion retail assets deal with Reliance Industries RELI.NS. 6.51 pm | 25 Nov 2020 | Reuters. Senior lawyer Harish Salve appearing for Future Retail said that by seeking to be informed of all investments the Amazon is not asserting its investor protection rights but trying to get indirect control over the listed Indian retailer. The disruptions due to COVID-19 pandemic will only make it worse. Enjoy Reading! The deal, Amazon alleges, breaches 2019 agreements by Future. Update on the Composite Scheme of Arrangement. Apart from putting the Reliance-Future Group deal on hold, the Singapore International Arbitration Centre (SIAC) in its interim order has also restrained Future Group from transferring or pledging any shares of Future Retail without Amazon’s permission. On Thursday, shares of Future Retail slipped 4.97% after the Court of SIAC turned down a plea by the company to be excluded from being a party to the Amazon-Future … Future was responding to queries from the exchanges on whether the company had made adequate disclosures to shareholders about the global e-commerce giant’s attempts to block the deal. The S&P BSE MidCap index was trading 0.41 per cent up at 16410.5. You can switch off notifications anytime using browser settings. 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Future Retail Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 13/11/2020,inter alia, to consider and approve Intimation of Board Meeting under Regulation 29 (1) (a) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI Listing Regulations). “Commission approves acquisition of retail, wholesale, logistics and warehousing businesses of Future Group by Reliance Retail Ventures and Reliance Retail … The index was trading 1.17 per cent up at 16628.22. Responding to this, Future Retail, said the agreement in question was not with the company, but with the company’s largest shareholder and the arbitration order was not valid in India. Aditya Birla Sun Life Tax Relief 96 Direct-Growt.. Stock Analysis, IPO, Mutual Funds, Bonds & More. Weakness in financial stocks could derail the current momentum in the market. 'Amazon needs a "tutorial on the law on insider trading,' the company said, 1.09 am | 11 Nov 2020 | Business Standard. Future Retail, one of country's top retailers, has been locked in a bitter dispute with Amazon over its $3.4 billion (roughly Rs. Future Retail, one of country's top retailers, has been locked in a bitter dispute with Amazon over its $3.4 billion (roughly Rs. Future Retail which was represented by senior advocate Harish Salve told the court Future Retail does not need to seek permission from Amazon for any ... 11.10 pm | 13 Nov 2020 | Business Standard, Future Retail admitted in a statement that the Covid-19 pandemic had impacted its business significantly, 1.57 am | 13 Nov 2020 | Business Standard. The overall trend for most stocks in the retail segment looks promising from a medium-term perspective. Never miss a great news story!Get instant notifications from Economic TimesAllowNot now. Amazon has also said the Future-Reliance transaction breaches the right of first refusal and non-compete clauses in its agreement with the Kishore Biyani-owned company. The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Vistra ITCL India Ltd. Here's a word of advice for investors, Consumption vs real estate stocks: Ridham Desai reveals his sectoral bets, Overcharged despite GST cut? 25,300 crores) retail assets deal with Reliance. CCI clears Reliance-Future retail deal despite Amazon's objections 20 Nov, 2020, 09.28 PM IST. NEW DELHI: Shares of Future Retail rallied 9 per cent in Tuesday's trade after the Kishore Biyani-led company paid around Rs 103 crore ($14 million) as interest on its dollar notes, according to a regulatory filing.