Amazon’s two-year effort to halt a $3.4 billion deal between its estranged partner Future Group and Reliance Retail took a new turn on Tuesday as tens of millions of Indians woke up to find the American e-commerce giant airing its grievances in several newspapers.
Amazon has accused Future Group (which runs the nation’s second largest retail chain), and Reliance Industries (India’s most valuable firm by market cap) of indulging in fraudulent practices, saying the Indian firms did not comply with court orders and recently attempted to “remove the substratum of the dispute.”
As Amazon and Future continue to fight in courts, Reliance last month began taking over several of Future stores after brokering deals with landowners.
“Future Retail, and its partners have consistently acted in violation of the order passed by the emergency arbitrator and reaffirmed by the Arbital Tribunal,” Amazon said in the ad Tuesday titled “Public Notice.”
“It has now come to light that FRL, and its promoters have been attempting to remove the substratum of the dispute by purportedly transferring and alientating FRL’s retail assets comprising the retail stores in favour of the MDA Group.”
A snapshot from Times of India New Delhi edition.
This is a developing story. More to follow…
