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Amazon India faces several questions on disclosure of Future deal



Oct. 27, 2020, 12:49 p.m.

New Delhi: Interesting questions have been raised with the recent arbitration case between Amazon and Future.

If Amazon invested in a private company of Future Group’s Kishore Biyani, Future Coupons which in turn bought shares in Future Retail and as such Amazon indirectly got pro-rata shareholding in Future Retail, isn’t it incumbent on it to comply with Indian laws.

The arbitration raises 7 questions before Amazon in India.

1. Has Amazon disclosed all Amazon-Future agreements to Future Retail Limited (FRL) shareholders?

2. Has FRL amended its Articles to reflect Amazon’s role?

3. Amazon could not have invested in FRL through India’s FDI Policy, then, can Amazon have enforceable rights against FRL?

4. Can Amazon assert control over FRL and its Board? Likewise, can Amazon assert control on FRL shareholders?

5. If Amazon is asserting control, has it made an Open Offer?

6. By its actions, Amazon is asserting control over FRL. Is that legal as per India’s FDI policy?

7. Do all of Amazon’s agreements with Future stand disclosed to Indian regulators – SEBI, ED, etc.?

(IANS) 



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