Amazon's Notice To Future Group Promoters To Stop Transaction With Reliance

Wednesday, 8 June 2022newsdesk

E-commerce major Amazon has sent a notice to Future Group promoters asking them to refrain from entering into any kind of transaction with Reliance Industries group either directly or indirectly, source aware of the development said on Tuesday.

New Delhi, 08 June 2022

As per news report of NDTV, The notice follows reports that the Future group is in the midst of negotiations with Mukesh Dhirubhai Ambani (Reliance Industries Limited) Group (MDA Group) for sale of its supply chain and logistics businesses. Amazon in the notice dated June 6 to Future Group promoters said that the scheme of arrangement between Future Group and Reliance was rejected by the creditors of Future Retail Limited (FRL), but still "FRL has through a fraudulent and convoluted stratagem already handed over as many as 835 retail stores to the MDA Group and now intends to transfer the entire supply chain, warehousing and logistics business by way of the proposed transaction to the MDA Group.

Source -NDTV