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Future Retail Ltd.'s independent directors have raised some pointed questions in response to Amazon's offer to help the debt-ridden Indian retailer. Namely, how quickly will the cash be available, will the funding be FDI-compliant and what about FRL's other dues? ....
Amazon had asked for USD 40 million (around Rs 290.41 crore) in compensation from Future Group for the deal with Reliance Industries, and Amazon s claim of not being informed of the deal is incorrect, documents submitted to the emergency arbitrator of SIAC by the Kishore Biyani-led firm said. According to the submission by Future Group in October last year, Amazon was well aware of Future s Rs 24,713 crore deal with RIL. In August 2020, two phone calls among the 3rd respondent (Kishore Biyani) and 8th respondent (Rakesh Biyani) and Abhijit Mujumdar on behalf of the claimant (Amazon.com NV Investment Holdings LLC), the claimant asked for USD 40 million as compensation in exchange for the Future Group and Reliance proceedings with the disputed transaction, the document said. ....
Future Group has alleged that Amazon had asked for USD 40 million (around Rs 290.41 crore) in compensation for the deal with Reliance Industries, a charge that the e-commerce major termed as false and misleading claims . According to documents submitted to the emergency arbitrator of SIAC by the Kishore Biyani-led firm, Amazon had asked for USD 40 million in compensation from Future Group for the deal with Reliance Industries, and that the US-based company was well aware of the Rs 24,713 crore Future-RIL deal. However, an Amazon spokesperson said the company denies the false and misleading claims being made by the Future Group on a purported request for compensation to forego the right of first refusal . ....