Future Retail defaults
Future Retail on Friday said it has failed to infuse Rs 3,900 by way of equity in the company before the due date of March 31, 2022.
Further, considering the infusion of capital, there was an obligation on the company to pay an aggregate amount of Rs 5,322.32 crore — as defined in the one-time restructuring (OTR) plan — to various consortium banks and lenders before March 31, the company said in an exchange filing.
According to Future Retail, due to ongoing litigations with Amazon.com NV Investment Holdings LLC and other connected issues, the company was not able to complete the activities in relation to raising of funds by way of equity contribution and also payment of obligations on due date.
Future to SC: For Rs 1.4K cr, Amazon has destroyed a Rs 26K-cr company
New Delhi: Opposing Amazon’s plea to restrain Future Retail (FRL) from further alienating its stores, the Kishore Biyani firm on Friday told the Supreme Court that the e-commerce company “wanted to destroy us, and it succeeded”.
FRL told a Bench led by Chief Justice NV Ramana that “for Rs 1,400 crore (the Amazon-Future deal), Amazon has destroyed a Rs 26,000-crore company. Amazon has been successful in what it wanted to do…We are hanging by a thread. No one wants to do business with us now,,,” senior counsel Harish Salve, appearing for FRL, said. fe