Amazon slams Reliance takeover of Future stores as ‘fraud’ in newspaper ads – Times of India


NEW DELHI: Amazon.com Inc has gone on the assault in its bitter dispute with two Indian retailers, accusing them of fraud in newspaper advertisements on Tuesday after Reliance Industries all of a sudden took over a lot of Future Retail shops.
Amazon has been contesting the deliberate $3.4 billion sale of Future Group’s retail property to Reliance, first introduced in 2020, and the case is at present earlier than the Supreme Courtroom.
Reliance, the nation’s greatest conglomerate and retailer, started taking on the prized actual property with utmost stealth on Feb.25 when its workers confirmed up at a lot of Future greatest shops to imagine management, sources have advised Reuters.
In advertisements headlined “PUBLIC NOTICE” in main newspapers on Tuesday, Amazon mentioned: “these actions have been executed in a clandestine method by enjoying a fraud on the constitutional courts in India.”
Future and Reliance didn’t instantly reply to a request for remark.
Amazon’s public outcry comes regardless that on March 3 it provided to carry talks. The continuing talks have raised hopes the dispute might be resolved.
Future has mentioned in filings this month that it couldn’t pay lease at many shops given its distressed monetary state of affairs and that Reliance, which had taken over a lot of its leases, had issued it with termination notices.
Amazon is worried that Reliance is constant to take over Future shops even because the talks proceed, in line with a supply with direct information of the matter who was not authorised to talk to media and declined to be recognized.
The newspaper advertisements had been aimed toward alerting all stakeholders, together with Future’s lenders, that the switch of property to Reliance is legally prohibited, the supply added.


Leave a Comment