Future, Amazon lawyers agree to initiate talks for an out-of-court settlement

The Supreme Court on Thursday gave 12-day time for both the groups to talk to their respective clients for thrash out a solution to the legal impasse that has brought Future Group to the brink of bankruptcy.

“I am presenting for a solution,” Amazon’s senior lawyer Gopal Subramanian set the conciliatory tone in the Monday morning proceedings in the apex court. “Throughout we have always been willing to have a dialogue, a conversation. There can be other resolutions to a matter. Is it not a whirlpool? Facing one statutory authority barely because we went through an arbitration. Let us put our hands together and find a solution. ”

The Supreme Court said it will hear the matter again on March 15 and told the three parties Amazon.com, Future Retail (FRL) and its promoter Future Coupons Pvt Ltd (FCPL) to find ways to reach a settlement. Senior lawyers Harish Salve, representing FRL and Mukul Rohatgi, appearing for FCPL, agreed to the proposal.

“We will simply adjourn the matter for 10 days…Meanwhile, work out by gentleman’s understanding. It will be better in interest of business,” Chief Justice N V Ramana said.

Subsequently, the apex court said the proceedings in the Delhi High Court and the National Company Law Appellate Tribunal (NCLAT) could go as scheduled.

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The NCLAT is hearing an Amazon petition challenging the Competition Commission of India’s (CCI) order suspending Amazon’s 2019 investment in Future Group promoter firm FCPL.