New Delhi: Amazon has written to Independent Director of the Retail Future Ltd (FRL), confirmed that Samara Capital “remains interested and committed” to invest RS 7,000 Crore to buy all retail assets from a company driven by a debt and request retail companies to complete the test report Completed to Samara on Sunday, according to the source.
On January 19, Amazon had approached the Director of Independent FRL reaffirming his willingness to help Mumbai-based companies in dealing with financial problems.
In response, the Independent Director has asked Amazon to confirm on January 22 that it will invest 3,500 crore to retailers who lack money to pay for FRL lenders on January 29, 2022.
Amazon on January 22 – say “We confirm that based on your letter 21 January 2022, Samara Capital once again repeated to us that they remained interested and committed to leading and advancing the term sheets on 30 June 2020, signed between Samara, FRL and Promotor FRL …
“The term sheet contemplates the consideration of the purchase of RS 7,000 Crore, accordingly The letter, a copy seen by PTI.
“Performing, Samara Term Sheet provides the acquisition of all Retail FRL assets, including” small shop formats “consisting of ‘easy days’, ‘Adaar’ and ‘Heritage’ brands, through the structure of the entity Owned and controlled by India led by Samara and supported by Amazon, “said the Major e-commerce in the letter.
Amazon said the transactions imagined in the Samara Term sheet would ensure the availability of funds at the earliest FRL, through the sale of assets and equity infusion, which would become a direct antidote for debt FRL.
Emails sent to Amazon and the future group do not get any response.
Amazon, in his latest letter, stressed that his involvement would not affect the nature of the binding of the commands that were continued in the arbitration process and by the Indian court, and said the new transaction would have an understanding that “Transactions with Mukesh Dhirubhai Ambani (Reliance Industries Limited) Group (MDA Group) will not continue and not followed up; and all assistance will be carried out through a legally appropriate structure “.
The future and Amazon have been locked in a bitter lawguake after the US e-commerce giant dragged the future group to the Arbitration at the Singapore International Arbitration Center (SIAC) in October 2020, arguing that FRL had violated their contracts by entering the asset sales agreement to the Mukesh billionaire Reliance Ritria Retail with the basis of deterioration sales for RS 24,713 Crore.
Earlier this month, the retail of the future said that he had missed the due date for RS payment of 3,494.56 Crore to the bank and the lender because it could not sell assets due to ongoing litigation with Amazon, impacting monetization plans.
In particular, in December, the Indian Fair Trade Regulator Commission (CCI) has suspended approval of 2019 for the Amazon agreement to obtain 99 percent of the shares in the Future Coupon Pvt Ltd (FCPL), promoter FRL, while slapping Penalty RS 202 Crore on Major e -Commerce.
CCI orders have been challenged by Amazon before the National Law Appellate Tribunal Law, which has issued a notification to fair trade regulators and FCPL.
NCLAT has been directed at registering this problem on February 2 for the next hearing.