Negotiations between Amazon and Future over the sale of Future Retail assets to Reliance have ended in failure. This issue has been lingering for a long time between the two sides. Proponents of her case have been working to make the actual transcript of this statement available online.
Amazon and Future have said the case will be heard in a Singapore court. Amazon has accused Reliance and Future companies of fraud. Amazon has also publicly warned that the sale of property between the two sides could lead to legal consequences for the companies involved.
> No social outcome was reached in the negotiations between the three companies. It is noteworthy that at one point this issue was on the verge of coming to an end. However, Amazon has said that Future plans to hand over its stores to Reliance while the case is ongoing.
> But Future has denied the allegations made by Amazon against them. And that Amazon is working to make themselves kneel. Even stores that started 15 days ago have left their hand. Future said they had nothing under control. Future also explained that Reliance was taking action while the case was pending.
Amazon says Reliance is violating orders issued by the National Company Law Tribunal.
Future, which owns more than 1,700 outlets, including Big Bazaar, is struggling to pay rent. This has been confirmed by the company.
> It is in this context that Reliance has acquired leased Future Outlets. It has also offered jobs to about 30,000 employees who have worked there.
> In 2019, Amazon invested about $ 200 million in Future. Amazon says Future is currently violating the agreement.
> In 2020, Future wanted to sell all its retail, wholesale and logistics assets to Reliance for Rs 24,713 crore.
Amazon is currently embroiled in a controversy over the sale of Future Group retail assets to Reliance.