FRL: Mukesh Ambani, India’s richest person, is busy preparing to buy FutureRetail these days. Meanwhile, world’s leading e-commerce company Amazon has written a letter alleging that Kishore Biyani’s Future Retail transferred Rs 70 billion to another company under its control in the year ended March 2020. Amazon has alleged that Future Retail has illegally transferred this money to another company, which is against business rules.
Advance amidst weak business
Amazon has alleged that Future Retail Ltd has transferred the money to another company controlled by Kishore Biyani. This amount is given in exchange for the goods and services purchased from that company. Along with this, Future Retail has given an amount of Rs 4,300 crore as rental security deposit and advance payment to the supplier. points towards.
intentionally not repaid loan
Amazon has alleged that huge sums of money have been given by Future Retail to other companies headed by Kishore Biyani. Amazon alleges that Future Retail could have used this amount to pay off a significant amount of its existing debt to banks and taxpayers so that its business could continue to run smoothly.
Deal with RIL will be delayed
America’s giant e-commerce company has sent a copy of this letter to India’s Finance Minister, Reserve Bank, Governor, Capital Markets Regulator and other authorities, demanding investigation. Mukesh Ambani’s Reliance Industries Limited is buying Biyani’s Future Retail. Such interference may hang the deal of Mukesh Ambani’s Reliance Industries and Future Retail.
Case was filed in August
Future Retail filed a new case against Amazon in the Supreme Court in August. Future made this case to get approval for the sale of its $3.4 billion retail assets. The controversy began when India’s second largest retailer Future Group struck a deal last year to sell its retail business to Reliance due to poor operating conditions due to COVID-19. The Future Group owns over 1,700 stores, including the Big Bazaar supermarket.
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