FRL Denies Amazon's Claim Of "Fraudulent Stratagem"

27 May 2022, Mumbai:

Future Retail Ltd (FRL) has denied Amazon's allegations that the debt-ridden firm's independent directors facilitated a "fraudulent stratagem" in transferring 835 stores to the Reliance group, saying the e-commerce major has been making "baseless" and "irrelevant" claims.

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Future Retail Ltd (FRL) has denied Amazon's allegations that the debt-ridden firm's independent directors facilitated a "fraudulent stratagem" in transferring 835 stores to the Reliance group, saying the e-commerce major has been making "baseless" and "irrelevant" claims.

"At the outset, we deny all allegations made in the said media report by Amazon on the Company," FRL said in a clarification to BSE.

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Last week, Amazon had accused FRL's independent directors of facilitating a "fraudulent stratagem" of transfer of 835 stores to Reliance Retail Venture.

FRL said Amazon has been writing to various regulators on one or the other point related to the company and has been making "baseless, irrelevant allegations".

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CREDITS: NDTV Businessline Udayavani BQ Prime Flipboard (The news article has not been edited by DFU Publications staff).