This application "has been filed pursuant to the findings in the report received from Nangia & Co. LLP, which was appointed as 'Transaction Review Auditor' by the RP," said a regulatory filing from Future Retail Ltd (FRL)
E-commerce giant, Amazon has issued a notice to the Future Group promoters telling them to avoid further transactions with the Reliance Industries after FRL or the Future Group's fraudulent transfer of retail stores to...
Last week, the Bank of India moved the tribunal seeking to initiate insolvency resolution proceedings against FRL, which has defaulted on loan repayments.
In December last year, CCI had suspended the approval given by it in 2019, for Amazon's deal to acquire a 49 per cent stake in Future Coupons Pvt Ltd (FCPL).
They have said due to the "cumulative effect" of Amazon’s wrongful conduct, the lenders of FRL had rejected the Rs 24,713 crore deal with Reliance Retail and the account the company has been declared NPA as it failed to...
The lender groups said that Future Group knew about its stores being taken over by Mukesh Ambani's Reliance Retail and did not provide any clear answers over the takeover, as per the report.
The notice follows reports that the Future group is in the midst of negotiations with Mukesh Dhirubhai Ambani (Reliance Industries Limited) Group (MDA Group) for sale of its supply chain and logistics businesses.