Amazon (AMZN  ) is locked in a regulatory battle over the potential sale of Future Retail assets to Reliance Industries. Amazon alleges that the proposed sale would constitute a breach of contract because of an agreement between itself and the former.

The battle is shaping up to be a showdown between the world's first and sixth richest men, Jeff Bezos of Amazon and Mukesh Ambani of Reliance. In 2019, Amazon acquired a stake of just under half of a Future Coupons, owned by Indian businessman Kishore Biyani. As part of the deal, Amazon gained a small stake in Future Retail with the option to increase its stake after a few years. The agreement also came with a clause in which Biyani agreed not to sell any of his assets to "restricted persons," including Reliance.

In August, Future Group agreed to sell its retail assets to Reliance for $3.4 billion, apparently in violation of the agreement with Amazon. The American retail giant has since taken up arms against the deal, with the dispute heading to arbitration. The Singapore-based arbitrator sided with Amazon, but Future doesn't appear to be backing down, stating that it would "cannot be held back" by the decision.

The dispute has also reached the ears of the Securities and Exchange Board of India. According to a letter sent to SEBI by Amazon, the company is alleging that Future's actions violate Indian regulations.

The dispute is still ongoing, with no word on whether SEBI will consider Amazon's allegations and launch its own investigation. Should the deal go through, however, Amazon's standing in India will likely take a hit due to the consolidation of its competition.

The dispute doesn't seem to have weighed too heavily on Amazon's share price. Many analysts are maintaining bullish outlooks, a consensus that may grow stronger as we approach the holiday shopping season, and Amazon inevitably sees a strong cash infusion over the next few months.