Future Retail Limited (FRL) on Wednesday accused Reliance Industries of forcibly taking over the store. Future Group says it has not assigned any retail units to RIL Group.
What did Future Retail say?
Future Retail today told stock exchanges, “There have been several media reports and public notices issued by Amazon stating that Future Retail Limited has handed over the retail assets of FRL to Reliance in violation of the orders of the Tribunal and the Supreme Court. Is. This is factually wrong.”
Future said that FRL has not handed over the stores to Reliance. Let us know that on Wednesday, the shares of Reliance closed at Rs 2,401.50, up 1.61% on the NSE.
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This is a one sided and strict attitude
The debt-ridden company said that the board of FRL held two meetings and informed Reliance that we are surprised to see such a strict and one-sided approach to take over the shops. Not only this, this attitude has also complicated the positive scenario, which started building up after the CCI order.
Future said its board is committed to taking all actions necessary to reverse price adjustments and the acquisition of the store by the Reliance Group. “FRL and its Board are taking steps to arrive at a better solution which will be in the interest of all,” the company said.
Amazon accused of ‘fraud’
Earlier on Tuesday, Amazon Inc. accused Reliance and Future Group of “fraud” and said such “transitional” transfers would be liable to legal action. In advertisements in leading newspapers titled ‘Public Information’, Amazon said: “This act has been done in a covert manner by fraudulently defrauding the Constitutional Courts, Arbitral Tribunals and Indian Statutory Authorities/Agencies in India.”
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Future Group has huge debt
Future Group ran India’s largest retail grocery chain before the pandemic hit, making it a target for two of the world’s richest industrialists – the Ambanis and Amazon’s Jeff Bezos. Future has over 1,700 outlets, including the popular Big Bazaar store. The company has been unable to make lease payments for most of its outlets.