
Future Retail Ltd suspended most of its online and offline operations as stores remained shut on Sunday, after rival Reliance bid to take over its flagship supermarkets for missed lease payments.
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Future Retail Ltd suspended most of its online and offline operations as stores remained shut on Sunday, after rival Reliance bid to take over its flagship supermarkets for missed lease payments.
As Future Retail experiences a shortage of funds, the business has begun to scale back its operations in a bid to curtail losses as it struggles to finance working capital needs.
The Delhi High Court ruled to adjourn the ongoing Amazon and Future Group dispute to a hearing on February 28 as the National Company Law Tribunal sets its hearing for March 4.
Future Retail (FRL) net loss for the third quarter widened to Rs 1,063 crore ($141 million), as against a net loss of Rs 847 crore it reported in the year-ago period.
Lenders to Future Retail, the company being fought over by Reliance Industries and Amazon.com Inc , have told India's Supreme Court that its assets should be put up for auction after it missed payments.
The Confederation of All India Traders filed a complaint with the Competition Commission of India on January 24 against Amazon for allegedly committing fraud while asking for approval to take over More Retail.
Future Group challenged its own lenders in the Supreme Court to avoid facing insolvency proceedings over missing payments, citing its dispute with partner Amazon.com Inc, according to a legal filing reviewed by Reuters.
India's Future Group plans to challenge its own lenders in the Supreme Court to avoid being named a defaulter for missing payments, citing its ongoing dispute with partner Amazon.com Inc.
The National Company Law Appellate Tribunal has ruled to refuse to give Amazon relief in its ongoing challenge against the Competition Commission of India which had suspended its Future Coupons deal.
A Delhi court has halted arbitration proceedings between India's Future Group and its estranged U.S. partner Amazon in light of the national antitrust agency's suspension of a 2019 deal between the two sides.