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Future Retail said on February 26 it was "scaling down its operations" to cut losses although it made no mention of Reliance in its statement.
On January 11, the Future Group submitted before the Supreme Court that Future Retail Ltd will sink with its 30,000 employees, if its over Rs 24,000 crore with Reliance Retail fails to reach fruition.
Amazon said Samara Capital has once again reiterated to us that they remain interested.
The ED has been investigating Amazon's $200 million investment in India's Future Group for suspected violations of foreign investment laws.
With the 2019 Future deal's antitrust approval now suspended, it could dent Amazon's legal position and retail ambitions, while making it easier for Reliance to acquire number two player Future.
Amazon has for months successfully used the terms of its toehold $200 million investment in Future in 2019 to block the Indian retailer's attempt to sell retail assets to Reliance Industries for $3.4 billion.
It could dent Amazon's legal position and retail ambitions, while making it easier for Reliance - the country's largest retailer - to acquire number two player Future.
A Singapore arbitration panel has rejected Future Retail's plea to quash an order from last year that put its $3.4 billion deal with Reliance on hold.
In its over 6,000-page filing, Future has argued that if the deal with Reliance doesn't go through, it would cause "unimaginable" damage to the group.
Justice J R Midha directed Kishore Biyani-led FRL not to take further action on the deal and held that the group wilfully violated Singapore Arbitrator's order.