Future group-Amazon Deal: FRL Independent directors urge CCI to intervene

08 November 2021, Mumbai:

Independent directors of Future Retail NSE-0.10% (FRL) said Amazon is in violation of foreign exchange rules since the Singapore arbitral tribunal has made FRL a party to the arbitration proceedings.

In a letter to the stock exchange, independent directors said Amazon has also concealed facts, made Popular in Ind misrepresentations and false representations to the Competition Commission of India to seek approval for its investment in Future Coupons, a promoter holding company.

The assertions of Amazon which it has claimed with success in the arbitral tribunal meant Amazon has significant strategic rights over FRL superior to all the shareholders, lenders, and creditors of FRL, without holding even a single share in FRL. ET

(The news article has not been edited by DFU Publications staff)

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