Entreprise

Future Group, its promoter is an “organized and committed” scam, Amazon says

Amazon argued that such fraudulent and malicious acts on the part of Future Group and its promoters laid a great foundation for Amazon’s well-meaning investment. As such and the “MDA (Mukesh Dhirubhai Ambani) Group”.

Read again- Reliance Retail withdraws Future Group transactions after secured lenders refuse to do so

“All of the above actions on behalf of promoter-related entities (including FRL) were led and coordinated by the recipients here, especially Kishore Biyani and Rakesh Biyani,” Amazon said June 6, 2022. Said in a letter sent on the day. “The above acts are held liable, constitute fraudulent activity, are subject to criminal penalties, and are also despised.”

Amazon will not proceed directly or indirectly with the Future Group and its promoters in the proposed transaction and will comply with the injunction granted by EA (Emergency Arbitrator) in the EA Order, as confirmed by the court order. I asked.

“If you attempt to fraudulently or maliciously defeat and evade the binding injunction contained in the EA Order, all parties will be responsible for their actions or consequences in accordance with the law, whether or not they act directly. Please be aware of the burden, “Amazon said.

Amazon said the transfer of its supply chain and logistics business is part of an arrangement scheme approved by the FRL’s board of directors on August 29, 2020, and violates Amazon’s rights under the contract. An injunction was ordered by the EA order, which was also reconfirmed by the court order.

The arrangement scheme envisions integrating the various companies of the Future Group into Future Enterprises Limited (FEL) and simultaneously splitting the “logistics and warehousing business” and “retail and wholesale business” from FEL on the premise of a going concern. Was there. Sales base to specific MDA Group entities (Reliance Retail Ventures Limited and Reliance Retail and Fashion Lifestyle Limited).

Amazon claimed that FRL had already delivered 835 retailers (retailers) to the MDA Group through a fraudulent and complex strategy, as the arrangement scheme was rejected by FRL creditors. The entire supply chain, warehousing and logistics business with proposed transactions to the MDA Group.

“The newly discovered informative debate goes against the statement made by FRL in its disclosure on March 16th, when the MDA Group” forced “the retail store to be acquired by the MDA and the board of directors by the MDA. He claimed to have “strongly objected” to such actions. group. “

On the contrary, Amazon argued that the Future Group intends to open new commerce for the sale of its supply chain and logistics businesses. These assist and supplement the operation of retail stores of the same entity (MDA Group). Allegedly forcibly acquired a retail store, contributing 55% to 65% of FRL’s retail sales.

Amazon claims that: The Future Group (by 3,000 chlore lenders) is in talks on the proposed transaction and will continue its business relationship with the MDA Group.

Amazon has always expressed its willingness to provide financial assistance to the FRL to enable debt repayment, promoting potential investments with an injection of 7,000 rupees into the FRL through institutional investors (Samara Capital). He said he did.

While FRL rejected Amazon’s offer of such financial assistance, on April 26, 2021, it signed a framework agreement to consider monetizing a small store of 3,000 chlores, but in reality There were no unpaid leases. As evidenced by multiple documents, the rent “has acquired 835 retailers by the MDA Group because FRL has allowed the lease to end on a false basis,” Amazon said.

Amazon argued that the facts and circumstances mentioned above underscore that Future Group continued to act in collusion with the MDA Group to completely relocate its retail business.

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