Bhuvana Iyer, Mumbai Uncensored, 10th January 2022
Amazon has moved the National Company Law Appellate Tribunal (NCLAT) challenging last month’s Competition Commission of India (CCI) order that suspended the regulatory approval for its 2019 deal with local retailer Future Group. The NCLAT is likely to hear the matter this week. Separately, Amazon also filed a Special Leave Petition (SLP) in the Supreme Court last weekend, against a Delhi High Court order on January 5 staying the arbitration proceedings initiated by it against Future Retail over the latter’s Rs 24,713 crore merger deal with Mukesh Ambani’s Reliance Retail.
The Competition Commission of India (CCI) last month suspended its approval of Amazon’s 2019 deal with Future, denting the U.S. e-commerce giant’s attempts to block the sale of Future’s retail assets to Indian market leader Reliance Industries. The anti-trust regulator had said an approval granted to the US e-commerce giant over two years earlier to acquire a 49% stake in Future Coupons (FCPL) would ‘stand in abeyance’, as the firm suppressed information while seeking clearance. The CCI also imposed a Rs 202 crore penalty on Amazon.
The CCI’s December 2021 order followed complaints filed by FPCL, Future Retail’s independent directors and the Confederation of All India Traders (CAIT) alleging Amazon, in its plea before CCI, had not disclosed the intent to indirectly control Future Retail, the parent firm of FCPL, via its 49% acquisition in FCPL.
On January 5, a day after receiving a set back from a single-judge bench of the Delhi High Court, Future Retail got a reprieve from the Court’s division bench, which stayed the arbitration proceedings initiated by Amazon before the Singapore Tribunal till February 1. Future Retail and Future Coupons had sought stay on the arbitration proceedings.
Background of the case:
Amazon NV Investment Holdings (“Amazon”) purchased a49 percent equity position in Future Coupons Limited (“Future Coupons”), which is a promoter group entity of Future Retail Limited (“Future Group”), in November 2019. The transaction was estimated to be worth Rs. 2000 crores. Future Coupons owned 7.3 percent of Future Retail, implying that Amazon would indirectly own 3.5 percent of the company as a result of the acquisition.
The transactions triggered three agreements:
1. Future Coupons’ shareholder’s agreement with Amazon (FCPL SHA)
2. FCPL’s shareholder’s agreement with Amazon (FCPL SHA)
3. FCPL’s share subscription agreement with Amazon (FCPL SSA)
Apart from the transactional component, Amazon had gained some credibility because of the ‘call option’ it was given. The ‘call’ granted Amazon the right to purchase all or a portion of the assets of marketing business Future Retail. According to reports, the arrangement also included a list of 30 businesses with whom the Future Group would not be able to do business, namely Reliance Retail, a Reliance Industries Limited affiliate. This was meant to be another special arrangement with Future Group, similar to the one Amazon signed with Shoppers Stop in 2017 when it bought a 5% interest for INR 180 crore.
The clause on Restricted Companies/Competing Businesses: One of the requirements was that Amazon would present a list of industrialists/businesses, and Future would not sell the interest to these entities without Amazon’s permission. The agreement prohibited 15 (fifteen) corporations from engaging in or purchasing holdings in Future Group’s retail assets, including Reliance Industries, Walmart, Alibaba, Softbank, Google, Naspers, eBay, Target, Paytm, Zomato, and Swiggy.
Call-option: Amazon was offered a call option to purchase all or part of Future Coupons’ stake in Future Retail, which may be exercised from the third year onward till the tenth year of the deal.
Reliance Industries Limited purchased Future Group’s retail and wholesale divisions, as well as the logistics and warehousing companies, as a going concern on a slump sale basis in August 2020 for a lump sum aggregate value of Rs. 24,713 crores. Future Retail, which holds Big Bazaar, FBB, Foodhall, Easyday, and Nilgiris, Future Lifestyle Fashion Limited, which operates Brand Factory, a fashion discount chain, and Future Consumer Limited were also bought as part of the agreement. Future Groups’ finance and insurance operations, on the other hand, were not included in the acquisition. Reliance’s investment in Future Group was primarily motivated by the need to grow its offline retail footprint and boost profitability through economies of scale.
Amazon claimed that the Future Group-Reliance acquisition was illegal because it violated an agreement reached between Amazon and Future Coupons in 2019. The deal, according to Amazon, disturbed with Amazon’s call right to purchase Future Coupons’ shareholding in Future Group, which could have been implemented between the third and tenth anniversary of the agreement, and it was also in violation of the competitive company clause in the agreement, which stated clearly Reliance as a restricted corporation for the reasons of the competing business clause.
The Singapore arbitrator decided in Amazon’s favour and issued an interim injunction, suspending the Future-Reliance deal for 90 (ninety) days but later being extended. India’s Arbitration and Conciliation Act, 1996 will serve a decisive part in this issue. The issue is that even if the Singapore-based arbitrator rules in Amazon’s favour, the ruling will not be legally binding in India. Amazon contacted the Competition Commission of India (CCI) and the Securities Exchange Board of India (“SEBI”) as a result of this. It also went to the Delhi High Court to have the arbitration order enforced and to stop the Future-Reliance deal, which the Delhi High Court upheld. Future Group then appealed to the Singapore arbitration to have Future Retail removed from the interim order.
Zigly, a leading omnichannel pet care brand, celebrated the bond between pets and their parents at Pet Fed Delhi 2024. This much-anticipated event marked 10 years of successfully conducting Pet Fed in the National Capital. Taking place at NSIC Ground, Okhla, Delhi, the event witnessed one of the largest turnouts ever, with pet parents and their furry friends braving the cold winter weather to attend.
Zigly, as the power sponsor, showcased its premium brands at one of the event’s largest stalls, featuring Zigly Lifestyle, FurPro grooming range, and the Applod treats and biscuits range, along with stylish accessories from the latest winter collection. A significant portion of the stall was dedicated as a play area for furry friends. The brand advocated the promotion of pet health and hygiene while creating memorable experiences through veterinary and grooming services offered at their stall.
Enhancing the experience for pets and their parents, Zigly provided free health check-ups and opportunities to participate in lucky draws. The brand delighted pet parents with event-exclusive discounts and promotions on its range of products and grooming services, offering an excellent opportunity to stock up on high-quality products at unbeatable prices.
Celebrating Zigly’s participation in Pet Fed, Mr. Pankaj Poddar, Group CEO of Cosmo First, stated, “We are delighted to be part of Pet Fed Delhi as it allows us to come closer to the Zigly community, helping us learn and adapt to the needs of both pets and pet parents. Delhi experiences the harshest winters in the country, which is why we are proud to showcase our winter collection 2024 at this event. Just like previous iteration of Pet Fed at Bengaluru, we are happy to witness such a great turnout of our furry friends at the event in Delhi as well. It keeps us motivated to continue to strive towards our goal of a better pet care ecosystem.”
This year’s event was bigger and better than ever before, featuring a plethora of activities and attractions. Attendees enjoyed fancy dress competitions, lucky draws, and adoption zones, catering to both cats and dogs. The festival also featured numerous pet care brands, offering a wide range of products and services for pets.
The event was a true celebration of the pet community, bringing together pet parents, industry experts, and animal lovers for non-stop fun and learning. As Pet Fed Delhi 2024 wraps up, the excitement and joy shared by all attendees promises to linger, setting the stage for even more spectacular events in the future.
Priyank Sukhija, the CEO & MD of First Fiddle F&B Pvt. Ltd., has completed 25 years in the food and beverage industry, marking a significant milestone in his remarkable career. From a 19-year-old dropout setting up his first venture to becoming a leading restaurateur, Priyank’s journey is a testament to passion, creativity, and relentless ambition.
Starting in 1999 with the fine dining restaurant Lazeez Affaire at Malcha Marg, Priyank quickly made a name for himself in the hospitality industry. He followed this with the renowned club RPM at Priya Complex, and from there, his ventures only expanded. Despite coming from a family of lawyers, Priyank was the first to venture into business, altering Delhi’s hospitality landscape forever. Over the past 25 years, he has opened more than 30 different outlets, each unique and innovative.
Priyank’s success can be attributed to his love for food, music, and innovation. His brands, including Miso Sexy, Bougie, Diablo, Lord of the Drinks, Plum by Bent Chair, and Lazeez Affaire, have become some of the most talked-about names in the industry. “I realized that nothing makes me happier than eating and serving a delicious meal. Food, music, and innovation were what always inspired me and hence I ventured into an area that could fulfill this passion,” Priyank explains.
One of Priyank’s major accomplishments has been revolutionizing the F&B industry and introducing the concept of casual experiential dining to India. His establishment, Plum by Bent Chair, revived the Aerocity Worldmark area, while Diablo kickstarted the bar culture in Mehrauli, turning it into a vibrant hub. At Epicuria, Nehru Place, Priyank was a pioneer with Flying Saucer and is now reinventing the space with his new launch, Thanks & Beyond.
“My restaurants are known for providing an experience, and this makes them stand apart from the crowd. I believe in the ‘vibe’ of the restaurant, and that is what sets them apart. All my restaurants have an extensive menu with dishes and drinks that can be enjoyed by people of all ages,” says Priyank. His eateries have become one-stop solutions for complete entertainment, featuring performances by the most sought-after bands and artists.
With his numerous successes, Priyank’s ambition continues to grow. His current brands, including Diablo, Miso Sexy, and Bougie, have become the go-to destinations in Delhi for top artists and bands. His latest ventures, Diablo Cyberhub, Sitch, and Bizou-Bizou, have created a buzz in Delhi and NCR with their unique cocktail-focused concepts. Additionally, he is expanding to tier 2 cities with the introduction of Miso Sexy in Noida and Diablo in Goa.
In celebration of his 25 years of success, Priyank has opened a new restaurant, Thanks and Beyond, in Nehru Place. This venture is a gesture of gratitude to everyone who has supported him, a homage to Delhi for the love shown to him, and a promise of many more exciting ventures to come. This summer, Priyank has several more launches lined up, promising to bring even more innovation and excitement to Delhi’s F&B scene.
Priyank Sukhija’s journey in the F&B industry is a story of vision, hard work, and a relentless pursuit of excellence. His passion for creating unique dining experiences has not only set him apart but has also significantly shaped the hospitality industry in India. As he continues to innovate and expand, the future looks incredibly promising for Priyank and First Fiddle F&B Pvt. Ltd.
Gold and Silver Rates Update: On July 24, 2024, gold and silver prices have seen significant changes across major Indian cities, reflecting the latest trends in the global and domestic markets.
Gold Prices in Major Cities
Delhi: The price of 10 grams of 24-carat gold stands at Rs.70,716, a decrease from Rs.75,217 on July 23, 2024. The 22-carat gold rate is Rs.64,775 per 10 grams, down from Rs.68,745.
Chennai: 24-carat gold is priced at Rs.70,716 per 10 grams, a drop from Rs.75,657 the previous day. Last week, the rate was Rs.74,659.
Mumbai: Gold rates in Mumbai are at Rs.71,412 per 10 grams, down from Rs.74,925 on July 23, 2024. A week ago, the price was Rs.75,026.
Kolkata: The gold rate is Rs.70,716 per 10 grams, a decrease from Rs.75,144 the day before and Rs.75,539 a week ago.
Silver Prices in Major Cities
Delhi: Silver is trading at Rs.85,170 per kg, down from Rs.89,160 on July 23, 2024. Last week, the price was Rs.92,110.
Chennai: Silver rates are Rs.85,000 per kg, compared to Rs.89,070 the previous day and Rs.92,290 a week earlier.
Mumbai: The silver rate today is Rs.85,170 per kg, a decrease from Rs.89,160 on July 23, 2024. The rate was Rs.92,110 a week ago.
Kolkata: Silver is priced at Rs.85,170 per kg, down from Rs.89,160 yesterday and Rs.92,110 last week.
MCX Futures
Gold August 2024 Futures: Trading at Rs.73,121 per 10 grams, a slight increase by ₹Rs..179.
Silver December 2024 Futures: Trading at Rs.92,020 per kg, down by Rs.0.154.
Factors Influencing Prices
Gold and silver prices are affected by several factors, including demand from major jewelers, global market trends, currency fluctuations, interest rates, and government policies. The international economic situation and the strength of the US dollar against other currencies also play a crucial role in determining gold and silver rates in India.
Stay updated with Mumbai Uncensored News for the latest on gold and silver prices and market trends.