Future Retail employees have asked the Supreme Court to allow the company to sell its retail assets and ruled against Amazon.com Inc in an ongoing dispute, citing the risk to 27,000 jobs, according to regulatory filings reported by Reuters.
Future was unable to complete a $3.4 billion deal to sell its retail assets to market leader Reliance Industries due to Amazon’s successful legal challenge, arguing that Future violated a number of pre-existing contracts that the two parties signed when deciding to sell their retail properties to Reliance.
When the Supreme Court heard the dispute, a group of Future Retail (FRL) employees filed a petition asking the court to rule against Amazon, saying their livelihoods were at stake.
If the deal fails, Future “will be pushed into liquidation, resulting in its 27,000 employees losing their livelihood. The employees’ families will be on the streets”, the FRL Employee Welfare Association said. know in a filing dated November 20, according to Reuters. The previous filing has not been reported and is not made public.
Future, which denies any wrongdoing, has said it will face liquidation if the Reliance deal fails, while Amazon has repeatedly argued that its 2019 investment in a single Futures forbid Future-Reliance trading.
The employee’s case is likely to be heard on December 8, when the next Supreme Court will deal with the matter.
The employees’ union also cited a pay cut of between 40-50% from April to July last year due to an incident at Future, the country’s second-largest retailer, where its businesses were affected. severely affected by the COVID-19 pandemic.
(Except for the title, this story has not been edited by NDTV staff and is published from an aggregated feed.)
