NewDelhi: Amazon’s mala fide intention was to destroy us and it succeeded – Future Retail told the Supreme Court as the bitter and prolonged legal battle continues, with the next hearing on April 4 this month on the issue.
In a recent development Reliance Industries Limited (RIL) has acquired hundreds of Future retail stores last month due to unpaid rents of about Rs.4,800 crore, the finger-pointing is on after the talks between Amazon and Future Retail Ltd. (FRL) failed to resolve it in an out of the court settlement.
Read also: Amazon trying to illegally enter India’s physical retail market via Future deal: CAIT to NCLAT
Meanwhile, Amazon has accused Future Retail and RIL of “fraud”, Future group said on Thursday, that for ₹ 1,400 crores dispute Amazon has wilfully destroyed a ₹ 26,000 crores company and careers of lakhs of people associated with it.”
“We are helpless and left in a lurch since no one wants to do trade with us now. On the question of a takeover of its stores by RIL, he said what we can do when the landlord gives eviction notice to us non-repayment of dues”.
In this legal fiasco we have lost control on over 835 stores now left with just 374 stores which we are running through the wings of hope and prayer,” said Future Retail.
On the other hand, Amazon argues that its 2019 deal with Future prohibits selling its retail assets to anyone especially “restricted persons” list like Reliance. While Reliance defends the retail takeover stating mounting dues have forced It to act beyond the expectations
While Future Retail said it had to surrender its stores ultimately due to non-payment of rent. Since our accounts were frozen so no payments can be done from our accounts.
Read also: ‘Amazon wanted to destroy us, they destroyed us’, Future Retail to SC
Although, Amazon argued that the top Court must restrain the surrender of Future retail assets until the Arbitral Tribunal comes with a verdict.
