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Informist, Thursday, Apr. 30, 2026

 

NEW DELHI – The dispute between Amazon.com NV Investment Holdings LLC. and Kishore Biyani-led Future Coupons Pvt. Ltd. has finally come to an end after half a decade in litigation as both parties have arrived at a settlement. In the settlement agreement, litigations pending before various courts would also be withdrawn by the parties, according to lawyers in the case. Noting the settlement agreement signed between the parties in March, the Delhi High Court disposed of the case filed by Future Coupons. Future Coupons withdrew its plea that challenged an INR-1-billion arbitral award in favour of Amazon.

 

The case has its genesis in an INR-247-billion deal struck in 2019, wherein Future Retail Ltd. decided to sell its assets to Reliance Retail Ventures Ltd. Amazon said its investment of INR 14.3 billion in Future Coupons, one of the promoters of Future Retail, granted it the power to block the sale of Future Retail's assets to certain entities, including Reliance Industries Ltd. Reliance Retail Ventures was the holding company of all retail companies under Reliance Industries Group.  

 

Thereafter, litigation proceedings continued between the parties before an arbitral tribunal, high court, Supreme Court and the Competition Commission of India. After granting approval to the Future-Amazon deal in 2019, the anti-trust regulator kept it in abeyance in 2021. In 2020, an emergency arbitrator restrained Future Retail from proceeding with the Reliance deal. The Future group challenged the arbitration, citing the Competition Commission of India's order to suspend the Amazon-Future deal.

 

While the appeals from various orders reached the Supreme Court, it allowed the arbitration proceedings between the parties to continue. In between the case, various companies of Future Group such as Future Retail Ltd. and Future Lifestyle Fashions Ltd. were admitted into insolvency. Last year, the arbitral tribunal ruled in favour of Amazon and said that Future Retail's approval of sale of its retail, wholesale and logistics assets to Reliance Retail was in breach of contractual obligations under the agreements signed between Amazon and Future Coupons.

 

While Amazon had sought damages of INR 14.36 billion, the arbitral tribunal gave only an award of INR 1 billion. The arbitral tribunal directed 11 promoters and parties, including Kishore Biyani, to jointly and severally pay the amount, along with interest at 10.3% annually compounded from Mar. 9, 2022, until full payment. Challenging the arbitral award, Future Coupons had moved the high court.  End

 

Reported by Surya Tripathi

Edited by Deepshikha Bhardwaj

 

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