Business

“For Rs 1,400 Crore, Amazon Has Destroyed Rs 26,000-Crore Company”: The Future


Future Retail told the Supreme Court that “Amazon wanted to destroy us, and it succeeded,” given the ongoing intense and protracted legal battle, with the next trial scheduled for April 4th.

After discussions between Amazon Inc. and Future Retail Ltd. (FRL) to settle and reach an out-of-court settlement failed, and when Reliance Industries Limited (RIL) took over hundreds of stores of the Kishore Biyani-led group last month without paying rent rising to Rs 4,800 crore, allegations-and-retaliation continued.

While Amazon also accused Future Retail and RIL of “fraud”, the Future group said on Thursday, “for Rs 1,400 crores (the value of the disputed Amazon-Future deal), Amazon has destroyed the company of Rs 26,000 crores.Amazon has succeeded in what it does want to do. “

“We depend on the thread. No one wants to deal with us right now. When the landlord gives an eviction notice, then what can we do?” added Future Retail, referring to the acquisition of its store by RIL.

Has lost control of more than 835 stores, running the remaining 374 stores “on a wing and prayer basis,” Future Retail said.

Amazon argues that its 2019 agreement with the Future unit contains a clause prohibiting the Future group from selling its retail assets to anyone on a list of “restricted persons” that includes Reliance. The company also objected to Future Retail’s assets being handed over.

Amazon said Future Retail’s asset transfer looks like “Ripley’s Believe It or Not” FRL is releasing more than 800 stores without any objections.

But Future Retail said it could not pay the rent and had to hand over its store eventually.

No payment could be made from our account as it had been frozen due to NPA classification, the company said.

However, Amazon said Future’s claim that it lacked money and could not pay lease rent was a strategy and a hoax and argued that the Supreme Court must prevent any alienation of Future assets until the Arbitration Tribunal decides the case.

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