Inc has approached the Securities and Exchange Board of India (SEBI) to withdraw the conditional approval given to Future Group’s $3.4 billion retail assets sale to Reliance Industries. This move comes after a recent court ruling in favor of Amazon, which has been engaged in a legal battle with Future for several months. Amazon alleges that Future violated pre-existing contracts by selling its retail assets to Reliance, while Future denies any wrongdoing.

The Supreme Court of India recently upheld an interim decision by a Singapore arbitrator, which has put the deal between Future and Reliance on hold. In a letter to SEBI, Amazon requested compliance with the Supreme Court’s judgment and asked for the withdrawal of approval from the stock exchanges, which was contingent on the ongoing legal proceedings. SEBI and the Indian stock exchanges are yet to respond to Amazon’s request.

The legal dispute centers around the founders of Amazon and Reliance – Jeff Bezos and Mukesh Ambani, respectively. The outcome of the case will have a significant impact on India’s retail market, which has been severely affected by the pandemic. It will also determine whether Amazon can effectively challenge Reliance’s dominance in the trillion-dollar retail sector.

Despite Amazon’s latest move, the legal battle is far from over. Future Retail has filed a new case against Amazon at the Supreme Court seeking approval for the deal. According to Future Retail, the failure of the deal would result in job losses and put bank loans at risk. The Singapore arbitration panel continues to hear the dispute separately.

The outcome of this high-profile legal battle will serve as a precedent for the future of retail in India and could potentially reshape the industry. Both Amazon and Future eagerly await further decisions from the courts and regulatory authorities as they continue to fight for their respective positions.

For more information on the legal battle between Amazon and Future:

– [Link 1: Court ruling in favor of Amazon](
– [Link 2: Updates on the legal proceedings](