Amazon's letter is nothing but an afterthought, says Future group

Topics
Future Group | Amazon | Future Retail
BS Reporter 
https://mybs.in/2Zj6Srp

is not a shareholder or creditor of (FRL) and hence has no locus standi to send the letter, a spokesperson for the said in response to a query.
“Amazon’s letter is nothing but an afterthought and a counterblast to the show-cause notice by the Competition Commission of India against in pursuance of the complaint by Future Coupons Pvt Ltd (FCPL) seeking withdrawal of the CCI’s approval for Amazon’s investment into FCPL,” said the spokesperson. “The allegations contained in Amazon’s letter are being made as part of a legal dispute that is being dealt with by the Supreme Court, high court and other regulatory forums.”

ALSO READ: Future Retail guilty of financial irregularities, says Amazon


The spokesperson said the Board of FRL had formed a crisis management committee to deal with the situation arising out of Covid lockdowns, nationwide store closures, and the sale of pledged shares impacting all aspects of the company’s functioning. “It was the committee’s job to raise questions with the management. Various questions were raised by the committee from time to time and these were clarified through detailed explanations by management with supporting documents and presentations to their satisfaction, as well as through special audits, wherever required.”
The spokesperson said all related-party transactions and records of fund utilisation were on record and part of the public disclosures made by the company as part of standard governance practices. “There is nothing new that is being brought to the notice, except for false speculations being created out of selective excerpts from these documents,” said the spokesperson. “One should understand the motivation behind these allegations and the timing of the same, rather than rely on these baseless and malicious allegations.”
A query sent to remained unanswered till the time of going to press.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor
PREVIOUS STORY
NEXT STORY
Copyrights © 2021 Business Standard Private Ltd. All rights reserved.
Business Standard
Upgrade To Premium Services
Business Standard is happy to inform you of the launch of "Business Standard Premium Services"
As a premium subscriber you get an across device unfettered access to a range of services which include:
Business Standard
Premium Services
In Partnership with Fis Logo
Dear Guest,
Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard

source

admin

Leave a Reply

Your email address will not be published. Required fields are marked *

eighty one  ⁄    =  twenty seven

Next Post

Centre Does Not Want To Discuss MSP As It Will Benefit Farmers: Leader

Fri Nov 26 , 2021
Rakesh Tikait said the Centre should make a committee to address other issues of the farmers.Bharatiya Kisan Union leader Rakesh Tikait on Thursday said that they wrote a letter to the Centre recently and alleged that the government does not want to talk about the Minimum Support Price (MSP) as […]