Uncategorized

amazon: Amazon asks Future not to enter into any deal with RIL

[ad_1]

NEW DELHI: E-commerce major Amazon has sent a notice to Future Group promoters, asking them to refrain from entering into any kind of transaction with Reliance Industries group either directly or indirectly, sources aware of the development said on Tuesday. The notice follows reports that the Future Group is in the midst of negotiations with the Mukesh Ambani-led group for sale of its supply chain and logistics businesses.
In the notice dated June 6, Amazon said that the scheme of arrangement between Future Group and Reliance was rejected by the creditors of Future Retail (FRL), but still “FRL has through a fraudulent and convoluted stratagem already handed over as many as 835 retail stores to the MDA (Mukesh Dhirubhai Ambani) Group and now intends to transfer the entire supply chain, warehousing and logistics business by way of the proposed transaction to the MDA Group”.
It said that the “proposed transaction is in continuation of a larger fraudulent stratagem to give effect to the impugned transaction”. It said FRL had claimed that the MDA Group had “forcefully” taken over the retail stores. “It is telling to note that the Future Group has not taken any action against the takeover of the retail stores. On the contrary, the Future Group is now intending to enter into a fresh commercial transaction for sale of its supply chain and logistics businesses, which are ancillary and supplementary to the operations of the retail stores to the same entity, that is, the MDA Group,” Amazon said.



[ad_2]

Source link

Leave a Reply

Your email address will not be published.