The founder of the Future Group, Kishore Biyani, has approached the Bombay High Court challenging the forensic audit process and report on the accounts of the Future Retail Ltd. (FRL) company.
As many as 49 players including Reliance Retail, Jindal Power Ltd and Adani group have submitted Expression of Interest (EoI) for acquiring the assets of debt-ridden Future Retail, which is currently going through insolvency resolution process.
A plea seeking initiation of insolvency resolution proceedings against FRL was filed by Bank of India (BoI), the lead banker in the consortium of lenders to the company.
Future Retail Ltd (FRL) has denied Amazon's allegations that the debt-ridden firm's independent directors facilitated a "fraudulent stratagem" in transferring 835 stores to the Reliance group, saying the e-commerce major has been making "baseless" and "irrelevant" claims.