The Kishore Biyani-led Future Group in its suit before the Delhi High Court and has argued that Amazon is absent from the shareholder’s agreement between Future Retail and Future Coupons, and has no control over Future Retail . It has further argued that Amazon’s investments are limited to Future Coupons.
Arguing the case in the Delhi High Court today, Harish Salve, who is representing Future Retail, said that “If Amazon doesn’t have skin in the game, it can’t object to the scheme.”
He further argued that the Companies Act provides that entities with shareholding less than 10 percent can’t object to the scheme.
“Passive holding of less than 10 percent does not entitle one to object to such schemes. Amazon is misrepresenting to the world that FRL has flouted a dishonest agreement. Amazon has no rights over FRL and can’t control the board of FRL which is free to act,” Salve said.
The Future Group counsel also reinterred their stand that any reliefs that Amazon claims lie against Biyanis’ Future Coupons.
“Amazon looking to cause delays and this will hurt employees, public shareholders, and stakeholders. The emergency arbitrator award is a piece of paper, nothing more. Amazon is acting like the East India Company of 21st Century. Amazon’s idea is that you either do business with me or shut down.” Salve argued strongly.