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Economic Times
a day ago
- Business
- Economic Times
Singapore International Arbitration Centre rules in favour of Amazon in Future Group case
Amazon claim trimmed Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The Singapore International Arbitration Centre (SIAC) has ruled in favour of Amazon in its long-standing legal battle with Kishore Biyani-led Future Group , holding that Reliance Retail- Future merger deal breached its pre-existing contract. However, Amazon has managed to get minuscule damages of Rs 23.7 crore against claimed amount of Rs 1436 a final award issued late Thursday night, the three-member tribunal said the 2020 board resolution by Future Retail Ltd (FRL) approving the sale of its retail, wholesale, and logistics assets to Reliance was in breach of contractual obligations under the Shareholders' Agreement (SHA) and Share Subscription Agreement (SSA) signed between Amazon and Future Coupons Pvt Ltd (FCPL).While Amazon had sought damages of Rs 1,436 crore, the tribunal awarded a significantly smaller sum of Rs 23.7 crore. It directed 11 promoters and parties, including Kishore Biyani , to jointly and severally pay the amount, along with interest at 10.3% annually (compounded) from March 9, 2022, until full payment. The parties are also liable to bear Amazon's arbitration and litigation tribunal noted that 835 of FRL's 1,534 retail stores were transferred in a manner that breached Amazon's contractual rights stemming from its 2019 acquisition of 49% in FCPL for Rs 1,400 crore. FCPL held a 10% stake in Tribunal held that Amazon was entitled to damages due to the promoters' repudiatory breaches of the Future Coupons Pvt Ltd (FCPL) Shareholders' Agreement (SHA), but it rejected the quantum of Rs 1,436 crore claimed by the had based its claim on "reliance loss," arguing that it should be compensated for the full value of its 2019 investment in FCPL including Rs 1,430 crore paid under the Share Subscription Agreement and Rs 5 crore in associated the Tribunal found that even if all contractual agreements had been fully performed, Amazon would not have recovered its entire investment due to the declining financial condition of Future Retail Ltd (FRL) the ultimate beneficiary of Amazon's stake in the impact of the COVID-19 pandemic and FRL's deteriorating business value, the Tribunal observed that awarding full damages would unfairly shield Amazon from a commercial loss it was likely to incur regardless.'Such an award would essentially allow Amazon to escape a bad bargain,' the final award the Tribunal awarded Amazon total legal and related costs of Rs 77.3 crore and SGD 68, Amazon-Future legal dispute began in October 2020, when SIAC's emergency arbitrator restrained Future Retail from proceeding with the Reliance deal. The Future Group had challenged the arbitration, citing the Competition Commission of India's 2022 suspension of the Amazon-FCPL deal.
Time of India
a day ago
- Business
- Time of India
Singapore International Arbitration Centre rules in favour of Amazon in Future Group case
The Singapore International Arbitration Centre (SIAC) has ruled in favour of Amazon in its long-standing legal battle with Kishore Biyani-led Future Group , holding that Reliance Retail- Future merger deal breached its pre-existing contract. However, Amazon has managed to get minuscule damages of Rs 23.7 crore against claimed amount of Rs 1436 crore. In a final award issued late Thursday night, the three-member tribunal said the 2020 board resolution by Future Retail Ltd (FRL) approving the sale of its retail, wholesale, and logistics assets to Reliance was in breach of contractual obligations under the Shareholders' Agreement (SHA) and Share Subscription Agreement (SSA) signed between Amazon and Future Coupons Pvt Ltd (FCPL). While Amazon had sought damages of Rs 1,436 crore, the tribunal awarded a significantly smaller sum of Rs 23.7 crore. It directed 11 promoters and parties, including Kishore Biyani , to jointly and severally pay the amount, along with interest at 10.3% annually (compounded) from March 9, 2022, until full payment. The parties are also liable to bear Amazon's arbitration and litigation costs. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo The tribunal noted that 835 of FRL's 1,534 retail stores were transferred in a manner that breached Amazon's contractual rights stemming from its 2019 acquisition of 49% in FCPL for Rs 1,400 crore. FCPL held a 10% stake in FRL. The Amazon-Future legal dispute began in October 2020, when SIAC's emergency arbitrator restrained Future Retail from proceeding with the Reliance deal. The Future Group had challenged the arbitration, citing the Competition Commission of India's 2022 suspension of the Amazon-FCPL deal. Live Events
The Hindu
11-06-2025
- Politics
- The Hindu
Siddaramaiah writes to Maharashtra Chief Minister defending decision to increase Almatti dam height
Chief Minister Siddaramaiah has written to Maharashtra Chief Minister Devendra Fadnavis defending Karnataka's decision to increase the height of the Lal Bahadur Shastri reservoir on the Krishna at Almatti. He has argued that Karnataka has the right to increase the dam height even without waiting for the Union government to publish the Krishna Water Disputes Tribunal award. This is in response to Mr. Fadnavis' letter on May 9 that objected to Karnataka planning to increase the dam height. The Maharashtra government had urged Karnataka to 'reconsider the plan to increase the height of Almatti dam from the present level of 519.6 metres to full reservoir level (FRL) of 524.256 metres to protect the safety of people from floods in Kolhapur and Sangli districts in Maharashtra.' Unfounded fears In the letter, Mr. Siddaramaiah said that Maharashtra's fears of flooding owing to the Krishna backwaters are unfounded. KWDT-I headed by Justice R.S. Bachawat, and subsequently the KWDT-II headed by Justice Brijesh Kumar, had looked into the issue and ruled that Karnataka could not be denied the right to increase the dam height, in 2013. 'Karnataka planned the construction of the Almatti dam up to FRL 524.256 m back in 1969. The KWDT-I headed by Justice R.S. Bachawat, and subsequently the KWDT-II headed by Justice Brijesh Kumar have not imposed any restrictions on the height of the Almatti dam,' the letter said, pointing out that objections of both Andhra Pradesh and Maharashtra had been overruled after considering the views of experts. While Andhra Pradesh had demanded that the dam height be restricted to 515 m, Maharashtra demanded it be kept at 512 m. The Chief Minister noted in the letter that even though there is no backwater effect, a three-tier Inter-State flood co-ordination committee had been established by both the States to prevent any inadvertent mismanagement in the regulation, the integration, and the coordination of flood monitoring. 'I may also recall that the Vadhere committee of technical experts, appointed by the Maharashtra government, had gone into the alleged flooding in 2019 and blamed it on encroachment, since these encroachments are narrowing the channels in Sangli and Kolhapur districts,'' he said. Money spent Karnataka has spent nearly ₹20,000 crore to create infrastructure for the utilisation of the additional allocation of 173 tmcft of water besides the allocation of 729 tmcft under the KWDT-I decision. Even Maharashtra has reportedly spent on infrastructure to utilise the additional 85 tmcft of surplus water allocated to it, the letter noted. Mohan Kataraki, senior advocate at the Supreme Court who has argued for Karnataka in water disputes, said: 'By this letter, Karnataka has clarified its stand not only on submergence issue but also on its right to raise the Almatti dam height to FRL 524.256 m even without waiting for publication of the award by the Union government under Section 6(1) of the Inter State Water Disputes Act of 1956.'
Yahoo
04-03-2025
- Yahoo
Alienware Rounds Out Its Monitor Lines With Cheaper Options and More
Not everyone is comfortable paying a lot for a gaming monitor, no matter how pretty the picture or fast the screen. To attract gaming monitor buyers who are in love with OLED but don't want to spend Alienware's normally upscale prices, the company's taking it down a notch, starting with its 27-inch AW2725D, a 2,560x1,440-pixel 280Hz display that's expected to hit about $550 -- pretty low for its class -- when it ships this summer. The company also revealed that the the AW2725Q, announced at CES as one of the displays incorporating a new 27-inch 240Hz 4K panel (older 4K QD-OLEDs were 32 inches) is now shipping for $900. The monitor doesn't support DisplayPort 2.1 and uses Display Stream Compression for HDR, which is disappointing, as is its DisplayHDR True Black 400 certification, which means it isn't too bright. But its HDMI 2.1 supports 4K (via FRL, which increases the bandwidth to enable higher refresh rates in 4K) and variable refresh to connect to a console (and PC). Its original 34-inch, 3,440x1,440-pixel QD-OLED, one of the first to be available, gets a refresh to the new AW30 design switch to indigo, along with some updates like a bump to 240Hz and a port upgrade to HDMI 2.1 with FRL. Alienware hasn't given up on other panel technologies, though. New are: An esports-focused 320Hz 25-inch model which uses a 1080p Fast IPS screen (AW2525HM, $250) A budget 27-inch 1440p IPS with a 180Hz refresh (AW2725DM, $270) A low-to-midrange 32-inch 1440p, 180Hz display using a VA panel ($320, AW3225DM) A 34-inch, 180Hz 3,440x1,440 wide version of the AW3225DM, also with a VA panel ($400, AW3425DWM) Not all the monitors are shipping this month. One (the 34-inch QD-OLED refresh model) is coming in April, and a couple, including the low-priced OLED model, are slated for the summer. Alienware 27 4K QD-OLED (AW2725Q), $900, available March 4 Alienware 27 IPS Monitor (AW2725DM), $270, available March 6 Alienware 32 VA Curved Monitor (AW3225DM), $320, available March 6 Alienware 34 VA Curve Monitor (AW3425DWM), $400, available March 6 Alienware 34 240HZ QD-OLED Monitor (AW3425DW), $800, available April 2 Alienware 25 320HZ Monitor (AW2525HM), $250, available this summer Alienware 27 280Hz QHD QD-OLED (AW2725D), $550, available this summer Support for the monitors is finally going under the Alienware umbrella, with the paid tier dubbed Alienware Care; it was previously handled by Dell's support. The basics are free: access to support techs and basic hardware troubleshooting 24x7 with one to two business days' turnaround and fast exchange for displays deemed defective. Alienware Care adds "expert" Alienware techs and help with setup.
Yahoo
27-02-2025
- Business
- Yahoo
Fortitude Re Announces Long-Term Care and Individual Disability Insurance Reinsurance Agreement with Unum Group
HAMILTON, Bermuda, February 27, 2025--(BUSINESS WIRE)--FGH Parent, L.P., (together with its subsidiaries, "Fortitude Re"), a leading global reinsurance company, today announced the signing of a reinsurance transaction between its subsidiary, Fortitude Reinsurance Company Ltd. ("FRL") and Unum Life Insurance Company of America ("Unum"), a subsidiary of Unum Group (NYSE: UNM). Upon receipt of regulatory approvals and subject to satisfaction or waiver of certain other customary closing conditions, Unum will cede to FRL, effective as of January 1, 2025, $3.4 billion of individual long-term care ("LTC") statutory reserves and approximately $120 million of Unum Group's multi-life individual disability insurance ("IDI") in-force premium. The cession represents 19% of Unum Group's total LTC block and 20% of its in-force IDI premium. Unum will continue to service and administer the reinsured policies. Simultaneously with the closing of the reinsurance transaction with Unum, FRL will enter into an agreement to retrocede 100% of the LTC and IDI insurance risks to a highly rated global reinsurance partner. FRL will therefore retain only the underlying spread-based risks associated with this block of business. "Today's announcement underscores the deliberate approach we have taken toward growth," said Alon Neches, CEO, Fortitude Re. "When partners like Unum place their trust in us, we ensure the value delivered honors that trust. I would like to extend a special thank you to the many professionals who have collaborated and worked tirelessly to achieve this important milestone." Sidley Austin LLP served as legal counsel to Fortitude Re. About Fortitude Re Fortitude Re is a leading provider of reinsurance solutions with $106 billion in total assets as of Dec. 31, 2024. The foundations of our business model are our exceptional insurance professionals and the support of the world's most sophisticated insurance investors, including Carlyle and T&D Insurance Group. Our people, our capital strength and our capabilities drive strategic reinsurance solutions designed to meet our clients' highest priority goals and to create sustainable, long-term value for our shareholders, our teammates, and the communities in which we operate. For more information visit, and follow Fortitude Re on LinkedIn. View source version on Contacts Media Contact Mary Beth 423-596-1449 Sign in to access your portfolio
