Amazon Opposes Reliance Group's Acquisition of Future Stores

Prior to a hearing in the Supreme Court, which gave Amazon, Reliance Industries Limited, and Future Retails Limited 15 days of settlement negotiations, the US major said that Future Group has allegedly transferred its assets to Mukesh Dhirubhai Ambani group.

Amazon said in a statement that the transfer of Future Retail Ltd's (FRL) retail assets was done in secret by deceiving courts, tribunal and statutory authorities.

The notice by Amazon included, “It may be noted that Future Group and its promoters made false submissions before the Supreme Court stating that the retail assets would continue to vest in Future Retail until the scheme of arrangement with Reliance Group is approved by the National Company Law Tribunal and these false statements were made knowingly.”

It is in the midst of a protracted court battle that Future and Amazon are facing in the Supreme Court over a proposed deal of Rs. 2.471 crore trillion transactions between the Future Group and the Reliance Group.

Reliance Group has taken over almost 500 Future Retail stores. Reliance has taken ownership of facilities where Future Retail operates stores such as the Big Bazaar and has begun to replace them with its own brand stores. It has also started offering positions to employees of the Future Retail store and inviting them to Reliance Retail's payroll.