Amazon-Mukesh Ambani spat tests India's allure for foreign investors
NEW DELHI: The tussle between two of the world’s richest men -- Jeff Bezos and Mukesh Ambani -- to dominate India’s estimated $1 trillion retail market is testing foreign investor patience with flip-flop court rulings.
This week saw new developments in Amazon.com Inc’s legal battle to block Ambani’s Reliance Industries Ltd from acquiring Future Retail Ltd’s assets, in what would be the country’s largest retail-sector deal. Last week, a single judge at a high court in New Delhi restrained Future Group firms from selling their assets. On Monday, a set of judges at the court overruled that decision. Amazon can appeal the latest ruling in the Supreme Court.
本周，亚马逊阻止安巴尼旗下信实工业收购未来零售有限公司(Future Retail Ltd .)资产的法律诉讼有了新进展，这笔收购将是印度零售业最大的一笔交易。上周，新德里高等法院的一名法官限制未来集团出售资产。周一，最高法院的几名法官推*了这一裁决。亚马逊可向最高法院上诉。
The keenly watched case may set an important legal precedent for investors on whether emergency decisions by foreign arbitrators are valid in India. Amazon had petitioned Indian courts with an order from an emergency arbitration court in Singapore that barred Future Retail from making a deal with Reliance.
It could also help overseas investors judge the validity of agreements in India, which the World Bank has ranked among the bottom 15% of countries in terms of enforcing contracts, worse than Venezuela, Syria and Senegal.
“Not giving effect to a foreign arbitration award undermines India’s already floundering reputation as a good place to invest and do business in,” said Bharat Chugh, a former civil judge in Delhi and now a lawyer practicing in India’s top court. Speedy enforcement of contracts and foreign arbitration rulings are important for overseas investors when assessing the attractiveness of an investment destination, he said.
Spokespeople at Reliance Industries, Amazon’s local unit and Future Group weren’t able to comment immediately on the latest ruling. Future Retail’s lawyers have argued in court that the deal is their only chance to avoid bankruptcy and save jobs.
A$$h0le Ambani wants everything in the world and is not sparing even the poor farmers
Yah, As if foreign investor will spare farmers...nothng but will make Indians sl ve again.
Does this anti Indian bustard George Soros have any stake in Amazon.
Everyone is hell bent on destroying India !! As if they dont have any other work to do..
The keenly watched case may set an important legal precedent for investors on whether emergency decisions by foreign arbitrators are valid in India
Foreign arbitration orders are valid if both parties agree beforehand.Unilaterally approaching foreign arbitrator and trying g to enforce an order is not permissable.
Amazon is in breach of FDI/FEMA laws if it claims it wants to control what FRL does. Amazon's e-commerce licence must be cancelled.
Om Namah Shivayah
Relaiance and Ambanis r synonymous to co ption....Richest guys of India, but have done not even a ch for nation but their greed is limitless.
Amazon is acting like a psychopath. Their hunger for power at the cost of India lives cannot be tolerated. Intention of Amazon is Malafide
Before spewing venom on Amazon, please understand the article. It's about the larger issue of stability of laws/ taxation in India and the enforceability of orders of foreign tribunals which matter to foreign investors.
The High Court Bench is absolutely right. Now they want to kill Future Retail. They are not interested in a deal as the High Court Bench observed - they just want to kill Future Retail. The Emergency Arbitrator was compromised - possibly a Green Card sponsorship for his son or daughter by Amazon ?
You have no place in the current world commerce, if you do not abide by international arbitration awards. It does not matter who you are.
Modi is paying the legal fees out of tax payers money to support Ambanis ventures.. He has raised the price of petrol so that Ambani can make mamum profit...
Foreign investors’ confidence in contract enforceability in our country is on the cusp of a serious crisis. In developed countries, legal contracts are self-evidently sacrosanct.
Don't worry we will still have enough investments because it's the largest market ..
Reliance pays more tax to the country than 8 states together.
We need to keep Amazon away from India. Their intentions are not noble.
reputation of Indians at stake because of some gujjus!