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The Future Retail counsel on Tuesday, 15 March, informed the Supreme Court that his client is broke and Amazon has driven the firm to its knees, after Amazon's counsel submitted that talks between the parties to settle legal disputes have failed and Reliance is taking over Future's shops.
Senior advocate Harish Salve, representing Future Retail, submitted before a bench headed by Chief Justice N V Ramana that nothing has been transferred and the rent for the shops has not been paid for over two years.
He also said that Amazon was bringing them to their knees and they were broke.
Salve's response came following submissions from senior advocate Gopal Subramanium, representing Amazon, that Reliance is taking over Future Retail stores, despite the highest court direction that no assets will be transferred.
At the outset, Amazon counsel informed the top court that efforts at resolving a long-running dispute between his client and Future Retail have failed.
Salve added that one can talk about the glory and grandeur of things, "but when we're broke, we're broke." He said the shops' takeover started 15 days ago.
He further added that not one store has been surrendered and Reliance took away the boards as they're entitled to, all our assets are where they are. Senior advocate Mukul Rohatgi, representing Future Coupons, reiterated, "The shops are there! What's the point of saying it's been taken over?"
Salve added, "We can't do anything. What do we do? We haven't signed anywhere. In fact Mr Biyani went and protested."
Another counsel for Amazon said, "So suddenly they are saying there's no money so the shops are taken over? Look at the conduct."
Subramanium continued, "Let us go back to the tribunal... 80 percent shops surrendered to Reliance."
The top 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.
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