Amazon Accuses Future Group of Insider Trading; Asks SEBI to Review the Reliance-Future Group Deal

Team Latestly
·1-min read

New Delhi, November 11: Amazon.com has reportedly, on Wednesday, asked the Securities and Exchange Board of India (SEBI) to review the Reliance-Future Group deal. It has also accused Kishore Biyani-led Future group of insider trading. As per the report, the e-commerce giant said that according to a 2019 agreement between Amazon and Future Group, the latter is not allowed to sell its retail assets to certain parties including Mukesh Ambani-led Reliance Industries Ltd. Reliance Retail Buys Future Group Businesses: Mukesh Ambani Owned RIL Announces Acquisition of Kishore Biyani Owned Retail Business For Rs 24,713 Crore.

Also Read | Future Group Files Lawsuit Against Amazon in Delhi HC to Stop E-Comm Major From 'Interfering' in the Rs 24,713 Crore Reliance-Future Deal

As per a report by Reuters, Amazon, in a letter dated November 8, told SEBI that Future Group had disclosed price sensitive information of an injunction granted by a Singapore arbitrator to block the Reliance-Future Group deal, to RIL. "Ambani's group was not a party to the arbitration proceedings ... and could have received details related thereto only from FRL (Future Retail) or its Promoters," said the letter, reportedly. Future Group Files Lawsuit Against Amazon in Delhi HC to Stop E-Comm Major From 'Interfering' in the Rs 24,713 Crore Reliance-Future Deal.

Reliance India Ltd. through its subsidiary Reliance Retail Venture Ltd, announced a deal for acquisition of Future Group's retail arm, including Big Bazaar, Easy day and FBB, for Rs 24,713 crore. Amazon.com which is a share holder in the Future Group has objected to the deal and sought international arbitration in the same.