Amazon condemns Reliance’s acquisition of Future Stores as ‘fraud’
Category: #headline  By Akshay Kedari  Date: 2022-03-16
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Amazon condemns Reliance’s acquisition of Future Stores as ‘fraud’

Amazon.com Inc. has taken an offensive stance in its longstanding dispute with two Indian retailers, accusing them on various newspaper ads as ‘fraud’ after Reliance Industries suddenly acquired several Future Retail stores.

Amazon has contested Future Group’s USD 3.4 billion retail asset sale to Reliance, which was announced in 2020, and the lawsuit is currently pending with the Indian Supreme Court.

It is to be noted that Reliance, India’s largest retailer and conglomerate, had started taking over the valuable assets in utmost cover in February, when its employees turned up at several Future Retail stores to take control, cited sources with knowledge of the matter.

Amazon criticized the move by printing out advertisements titled ‘Public Notice’ in prominent Indian dailies on Tuesday. In the ads, the e-commerce giant quoted that these actions had been carried out in a deceitful manner and were duping India’s Constitutional Courts. Reliance and Future Retail are yet to comment on the event.

Amazon’s public outburst comes despite offers to hold discussions on March 3. The ongoing talks have increased hopes of a potential settlement to the bitter dispute.

Future had reported in its disclosures this month that it had been struggling to pay rent at various branches as it was in dire financial straits. It stated that Reliance, which had bought many of its leases, had sent out resignation letters.

A source who was reportedly unauthorized to speak to the media and refused to be identified claimed that Amazon is now worried that Reliance will continue its acquisition spree for more Future Retail stores even as discussions continue to progress.

The newspaper ads sought to call out these actions and cautions all parties involved, including Future’s creditors, that transferring its assets to Reliance is prohibited by law.

Source Credits –

https://ustimetoday.com/amazon-slams-reliances-takeover-of-future-stores-in-indian-newspaper-ads-as-fraud/

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Akshay Kedari    

Akshay Kedari

Akshay holds a Bachelor’s degree in computer engineering. Despite having a penchant for software development and the like, Akshay took to writing as a career owing to his passion for the field. Presently, Akshay writes articles for itresearchbrief.com and a few oth...

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