The future Retail Group has blamed Amazon for destroying its company. According to its statement, The future Retail Group has said that for a 1400 Crore company, a 26000 Crore multi-vendor company has been destroyed.
After talks between Amazon Inc. and Future Retail Ltd. (FRL) to resolve and come to an out of court settlement failed, and as Reliance Industries Limited (RIL) took over hundreds of stores of the Kishore Biyani-led group last month on unpaid rents mounting up to ₹ 4,800 crore, the accusing-and-the retort continues. While Amazon has also accused Future Retail and RIL of “fraud”, Future group said on Thursday, “for ₹ 1,400 crores (worth of the Amazon-Future disputed deal), Amazon has destroyed a ₹ 26,000 crores company. Amazon has been successful in what it wanted to do.”
“We are hanging by a thread. No one wants to do business with us now. When the landlord gives an eviction notice, then what can we do?” added Future Retail, referring to the take over of its stores by RIL. Have lost control of over 835 stores, running the remaining 374 stores “on a wing and a prayer,” said Future Retail.
Amazon counter attacked by saying that its 2019 deal with a Future unit contained clauses prohibiting the Future group from selling its retail assets to anyone on a “restricted persons” list that included Reliance. The company also objects to Future Retail’s assets being surrendered.
However, Amazon said, Future’s claims that it is short of money and could not pay lease rental is a strategy and a sham and submitted that the Supreme Court must restrain any alienation of Future assets until the Arbitral Tribunal decides the case.
Story By- Saayak Karmakar, Resident Editor, Interview Times
Image Source- Google
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