SIAC rejects Future Group's plea to allow a deal with Reliance Industries (RIL)

22nd October 2021, Mumbai:

Earlier NCLT had permitted Future Group (FRL) to hold a meeting of shareholders and creditors for the requisite consolidation of its entities which was visibly a relief to Future group.

While it is imperative to describe here Amazon India, is fighting this bitter corporate tooth & nail with the Future Group, & wants to the deal to be blocked ASAP.

As a sequence of events, FRL moved to SIAC with two clear pleas. One it had contested that it was not a party to the agreement signed between FCPL and Amazon in 2019, it was where AMAZON visibly had infused roughly around Rs 1,400 crore into FCPL. More importantly, FRL appealed to SIAC to reverse the interim stay on the envisaged deal to sell its assets in question to Reliance Retail (RIL).

Let us try and look at the turn of events,"Amazon vehemently contests the investment does give it lien as in an indirect stake in the flagship Future Group.

SIAC's ruling made 'FRL' a party to dispute. The proposed meeting envisions a step in the direction of FRL's assets; 'Warehousing, Logistics & Retail' going to RIL.

Needless to state E-tailer/ Amazon India wants to block the deal at any cost.

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