Future Coupons Settles Dispute with Amazon for ₹11 Crore
Future Coupons to pay Rs 11 crore in Amazon settlement
The Economic TimesImage: The Economic Times
Future Coupons Pvt Ltd (FCPL), led by Kishore Biyani, has settled its long-standing dispute with Amazon, agreeing to pay ₹11 crore (approximately $1.32 million USD) as part of a larger settlement. This resolution ends legal proceedings that began in October 2020 regarding Future Group's retail assets and their sale to Reliance Retail.
- 01Future Coupons will pay ₹11 crore as part of the settlement with Amazon.
- 02The dispute originated in October 2020 over Future Group's sale of assets to Reliance Retail.
- 03Amazon claimed a breach of contract regarding its first right of refusal on Future Group's retail assets.
- 04The settlement was formalized in a March 13 agreement, resolving all outstanding issues.
- 05The Singapore International Arbitration Centre awarded Amazon over ₹105 crore in damages.
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Future Coupons Pvt Ltd (FCPL), part of the Future Group led by Kishore Biyani, has reached a settlement with Amazon, agreeing to pay ₹11 crore (approximately $1.32 million USD) to resolve a legal dispute that has been ongoing since October 2020. The conflict arose when Amazon objected to Future Group's proposed sale of its retail assets to Reliance Retail, claiming it had a first right of refusal based on a prior agreement. The Singapore International Arbitration Centre (SIAC) had previously ruled that the merger breached Amazon's contractual rights, awarding the e-commerce giant over ₹105 crore in damages. The settlement was formalized in a March 13 agreement, allowing FCPL to withdraw its appeals against the SIAC's ruling and other legal proceedings. This resolution marks the end of a protracted legal battle between the two companies, which included various claims and counterclaims regarding contractual obligations and rights.
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The settlement allows Future Coupons to move forward without ongoing legal distractions, potentially stabilizing its business operations.
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