What games do the corporates play?
Amazon bought 49% of stakes in Future Coupons Pvt Limited on the understanding that Future Retails Limited (FRL) would be sole vehicle of its retail business. Kishore Biyani, the Future’s boss, not taking cognisance of it, sells FRL, by now a sinking Co., to Mukesh Ambani (MDA) group, making it a breach of agreement!
Amazon went to Singapore International Arbitration Centre, the official global body and got an interim order directing Future not to take any further action. Even after this, Biyani & Co. tried to go ahead with the deal with MDA group. Amazon approached the Delhi High Court which ruled that the FRL promoters had willfully violated the Arbitrator’s order. It has directed to attach the assets of FRL, Biyani and other promoters of the Co.
“The promoters of FRL do not appear to be honest” the Court said & asked why Biyani and other promoters should not be sent to jail !
It is another question, why the most powerful Mukesh Ambani group proceeded to buy over FRL when the Arbitrator’s direction was in place. Doesn’t that show its scant respect to the legal bodies?
Many powerful Corporates across the world follow the ‘might is right’ policy.
Let us watch the Future of Future. ‘Picture abhi baaki hai dost’
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