Future Group receives a warning notice from Amazon
Updated: Aug 28, 2022
By Shubhangi Dwivedi
Multinational e-commerce company Amazon has issued a notice to the Future group, an Indian conglomerate, and its promoters to stop them from going ahead on a sale deal of Future Retail for $3.4 billion with Reliance Retail.
Amazon had sent out warning letters to the founder and the non-executive director, Kishore Biyani and Ashni Kishore Biyani respectively among other major stakeholders of the deal. The promoters have been warned against taking any direct or indirect action in furthering the process and to follow the emergency arbitrators issued by the tribunal order to avoid any legal confrontations.
Future Group and its promoters, according to the firm, coordinated and committed fraud. The technology-based company also accused the Future Group of falsely claiming the payment of outstanding rent for almost 800 retail stores.