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Held talks with RIL on arbitration for 'legitimate purpose': Future Retail

'Amazon needs a "tutorial on the law on insider trading,' the company said

Future Retail | Amazon | Reliance Industries

Reuters  |  New Delhi 

FILE PHOTO: A bird flies past a Reliance Industries logo installed on its mart in Ahmedabad. Photo: Reuters
FILE PHOTO: A bird flies past a Reliance Industries logo installed on its mart in Ahmedabad. Photo: Reuters

India's Ltd communicated with on an arbitration order related to its dispute with com Inc for a "legitimate purpose", the company said on Wednesday.

The comments come after Reuters earlier in the day reported had asked the Securities and Exchange Board of India (Sebi) to investigate Future for insider trading, alleging the Indian firm disclosed to Reliance price sensitive details of an injunction granted by a Singapore arbitrator to block its $3.4 billion deal with Reliance.

"Proprietary and legality demands that in such an event, the counterparty is informed about the development ... Regulations too are quite clear on this," the company said in a statement.

ALSO READ: Amazon accuses Future Retail of insider trading, asks Sebi to investigate

needs a "tutorial on the law on insider trading," the company added.

The U.S. e-commerce giant has been urging to review Reliance's August deal to buy retail, logistics and other assets from for $3.4 billion including debt.

Amazon argues it had a 2019 agreement with Future which prevented the Indian group's retail assets from being sold to certain parties including Reliance Industries, which is led by Asia's richest man, Mukesh Ambani.

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First Published: Wed, November 11 2020. 20:09 IST