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With newspaper ads, Amazon is struggling with confidence: 10 points

Amazon has decided to sell its retail assets to Future Group to Reliance.

New Delhi: Inc. U.S. retail giant Tuesday accused Future Retail and Reliance Industries (RIL) of “fraud”. In a press release, Amazon also warned the founders of Future Retail that any effort to transfer its assets to RIL would be liable for civil and criminal consequences.

Here’s your 10-point scam for this great story:

  1. In a press release, the U.S. giant said the transfer violated the binding orders of an arbitral tribunal and is against submissions to the Supreme Court. The assets would remain in Future Retail until the National Company Law Tribunal (NCLT) agreed to merge with Mr. Ambani’s conglomerate, Amazon said.

  2. This move came after Mukesh Ambani, a billionaire, took control of several Future Group stores.

  3. Future Group, which has more than 1,700 outlets, including the well-known Big Bazaar store, has been unable to make lease payments for most of its outlets.

  4. He said in a statement that he could not pay the rent in many of the shops due to his financial situation and that Reliance, which had taken over many of his leases, had issued him a notice of termination.

  5. As landlords insisted on payments or closing stores, RIL transferred the leases of some stores in its name and sublet them to Future to operate the stores.

  6. RIL also offered jobs to all 30,000 Future Retail employees.

  7. Amazon has argued that Future companies breached the terms of the 2019 deal when the U.S. e-commerce giant invested $ 200 million in a unit of Future Group. Amazon’s stance has been backed by a Singapore arbitrator.

  8. In August 2020, Future proposed to sell retail, wholesale and logistics weapons that included business, including Fashion at Big Bazaar, Koryo, Foodhall and Easyday, to Reliance for $ 24,713 million.

  9. Amazon has sued Futani Group for the sale of its retail assets to Ambani’s Reliance. The case is currently before the Supreme Court.

  10. Although Amazon’s public call offered to schedule interviews on March 3rd. The ongoing talks have raised hopes that the conflict can be resolved.

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