May 23, 2022

Amazon’s two-year effort to close a $3.4 billion deal between its estranged partners Future Group and Reliance Retail took a new turn on Tuesday as millions of Indians woke up to learn that the US e-commerce giant was using its voice to complain. Newspaper

Amazon accused Future Group (operates the second largest retail chain in the country) and Reliance Industries (India’s most valuable company by market capitalization) of fraud. The basis of the dispute. ,

As Amazon and Future continue to sue, Reliance began acquiring several Future Stores last month after closing deals with landlords that the U.S. company, which has invested more than $6.5 billion in its operations in India, found itself surprisingly blind and ostracized. Earlier this month, cash-strapped Future said it couldn’t pay rent at many stores.

“Future Retail and its affiliates have violated emergency arbitrator’s order and are confirmed by arbitration,” Amazon said in an announcement titled “Public Notice” Tuesday.

“It has now come to light that FRL and its backers sought to address the core of the dispute by allegedly transferring and settling FRL’s retail assets, including stores, to MDA Group.”

The ad stated: “Amazon hereby informs all parties concerned that any attempt to transfer/dispose of FRL and its retail facilities is in violation of binding arbitration rulings that act as Indian court rulings. or cooperate. are legally responsible for the civil and criminal consequences of such fraudulent and contagious activities.”

Photo from the Times of India in New Delhi.

Leave a Reply

Your email address will not be published.