New Delhi: The future group compacted by Debt Kishore Biyani can survive with the help of banks and lenders, although on a reduced scale if Amazon won the legal battle against the Big Bazaar Parent, independent director in the future retail board (FRL) said on Tuesday.
FRL is locked in a legal battle with US Retailer Amazon on the sale of assets of RS 24,700-Crore to Mukesh Ambani’s Reliance Retail.
The comment was contrary to the background of the National Company Legal Court which made fun of the FRL shareholder meeting about Amazon’s objection.
A result in a dispute that has raised the FRL agreement with dependence for several months may take a few moments as a fighting entity in court.
“If this will be involved in court and continue until now next year, it will be bad for the company because it needs a positive cash flow,” Ravindra Dhariwal, an independent director at the FRL Board, told Toi.
While urging regulatory authorities to intervene, Dhariwal accused Amazon not trying to help future groups.
“If Amazon continues to encourage the future to the corner, we will ride the stomach,” he said.
“It is a business with a very thin margin and the cost remains high.
Amazon has no solution.
What they have is my rights and you violate it.” Amazon did not comment but a US e-tailer spokesman said that it had been Offer to help FLL during the economic decline caused by Covid.
“We reaffirmed our openness for dialogue even during the Delhi High Court hearings,” said the spokesman.
In November 2019, Amazon had obtained indirect shares in FRL by investing RS 1,400 Crore for 49% of the shares in the future coupons, a unregistered future group company.
By choosing to sell to reliance, the future group has violated contract agreements, e-tailers have argued in court.