Amazon Opposing Deal As Reliance Is Competitor: Future Retail To High Court Amazon Opposing Deal As Reliance Is Competitor: Future Retail To High Court Amazon has also contended that the appeal, by FRL against the February 2 order of the single judge, was not maintainable.
In August, Future had reached an agreement to sell its retail, wholesale, logistics to Reliance
New Delhi:
Kishore Biyani-led Future Retail Ltd (FRL) on Thursday told the Delhi High Court that Amazon was opposing the Rs 24,713 crore deal with Reliance as the Mukesh Ambani company was a competitor, a contention denied by the US-based e-commerce giant which said it was interested in salvaging FRL.
Kishore Biyani-led Future Retail Ltd (FRL) on Thursday told the Delhi High Court that Amazon was opposing the Rs 24,713 crore deal with Reliance as the Mukesh Ambani company was a competitor, a contention denied by the US-based e-commerce giant which said it was interested in salvaging FRL. FRL contended before a bench of Chief Justice D N Patel and Justice Jyoti Singh that Amazon was not concerned if the deal falls through then all the shops of the Indian company would be closed down and it s more than 25,000 employees would be without any livelihood. Senior advocate Harish Salve, appearing for FRL, told the court that the US-based e-commerce giant was only concerned that the Mukesh Ambani group company should not get the shops as they are a competitor of Amazon.
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NEW DELHI: Future Retail Ltd has said that SEBI s one-year ban on its Chairperson Kishore Biyani and some other promoters from the securities market will have no impact on the Rs 24,713 crore-deal with
Reliance. Further, Kishore Biyani, some other promoters and Future Corporate Resources Pvt Ltd (FCRPL) plan to appeal against the order passed by SEBI on Wednesday. the . Order will have no impact on the ongoing Scheme of Arrangement of the company. We understand that the relevant parties propose to challenge this Order in exercise of their statutory right to appeal, Future Retail Ltd (FRL) said in a late-night regulatory filing on Wednesday.
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