New Delhi: Independent Director in the Future Retail (FRL) has written to the Indian Competition Commission (CCI) urging the antitrust supervisor to revoke the agreement given to the agreement between Amazon and the FUCPL future group (FCPL) in Indonesia November 2019.
The letter dated November 7, Independent Director accused Amazon, who was involved in bitter legal battles with FRL rather than the sale of the latest assets to rely on retail, has hidden information from CCI when he sought approval for an agreement.
Toi has reviewed a copy of the letter.
Amazon has invested around RS 1,400 Crore in FCPL for 49% of the shares.
FCPL held around 10% of the shares in FRL, which gave Amazon an indirect shares in the Flagship Future Group Company.
“Amazon is looking for and obtained approval from the commission on the basis that it invests in the FCPL business and is not on the basis that they obtain strategic rights, material, and specifically for FRL in preference for all FRL shareholders, which has claimed success in the current tribunal arbitration, “The Independent Director said in the letter.
FRL letter comes against the Amazon background scoring a series of victories in his legal upheaval with the future group of Kishore Biyani-LED, the supermarket chain, Big Bazaar.
Singapore International Arbitration Center (SIAC) recently rejected retail applications in the future to lift the interim to the sale of assets of RS 24,700-crore for Reliance Retail, the Retail Arm of Mukesh Ambani-LED Conglomerate Reliance Industries.
It follows the Singapore tribunal verdict to make retail parties in the future (FRL) for disputes arising from the agreement between future coupons (FCPL), unregistered future group entities and Amazon.
FRL has argued before SIAC that it was not a party for the agreement signed between FCPL and Amazon.
“The Commission must immediately confirm the revocation of the agreement given to Amazon for its investment in FCPL.
Time is the essence and commission must act immediately,” said Independent FRL director.
CCI urges to revoke a nod to the future of an agreement with Amazon
