New Delhi: Amazon has written to the Big Bazaar Retail Parent Future (FRL) in an effort to block the possibility of the sale of the last small shop chains operating under fresh brands that are easyday and heritage.
In addition, US e-tailers have offered financial assistance to retailers who lack money.
Development came with a background of the ongoing legal battle between two retail greasts on the one hand and the FRL lender was looking to sell the store to restore the RS 3,500 Crore on contributions on the other side.
The number is the first stage of RS 14,000-15,000 Crore that future groups owe to lenders as part of the one-time restructuring scheme signed between retailers and banks, saying three people know this problem.
The Biyanipromot Kishore group failed to respect the first phase of payment due at the end of last year.
“Please note that every sale of small format stores without getting Amazon’s approval will violate the commands that continue to operate and bind FRL and FRL director, including Independent Director FRL.
We are more than willing to explore effective solutions to help FRL,” Amazon wrote in The letter, dated January19.
Trying to block the sale of assets proposed FRL to rely on retail for RS 25,000 Crore, in 2019, investing 1,500 crore to take 49% of shares in future coupons (FCPL), which holds a minority at FRL.
LED E-Tailer Jeff Bezos Since then has been arguing in various courts that the protection rights for FRL and therefore FRL assets cannot be sold to dependence without their approval.
“We reaffirm our willingness and ability to assist in dealing with financial problems about FRL, within the framework of the agreement, including the solution proposed within the time period between Samara Capital, and FRL, which contemplates the 7,000 crore RS infusion at FRL.” Amazon wrote in the letter .
While Amazon and FRL did not comment on this story, the source told toi that the FRL lender was not bound by an agreement with Amazon and they could invite bids for shops because these assets were hypothed into the bank.
In December, however, the Indian Competition Commission (CCI) temporarily suspended the agreement on the Amazon FCPL agreement because the e-tailer allegedly suppressed the facts.
Amazon has challenged CCI’s decision in the national law of the Appellate Tribunal (NCL) law and the next hearing date on February 2.
Amazon seeks to block the sale of small shops in the future
