Amazon Expressed Willingness to Support Future Retail

E-commerce major Amazon said on Wednesday that it continues to be willing to support Future Retail Limited (FRL). The statement by Amazon assumes significance after there were reports that Amazon did not come to the rescue of Future Retail during the financial difficulties it faced during the Covid crisis.

"Contrary to reports carried in a section of the media, Amazon has not only been committed to an early resolution of the dispute with Future, but continues to be willing to support FRL even during the temporary financial challenges posed by Covid," Amazon said in a statement.

After Future Retail (FRL) CEO Kishore Biyani was debarred by SEBI from the securities market for one year for insider trading in the scrip of FRL, the Future Corporate Resources Private Limited said that the SEBI order in connection with a bar on dealing in securities has taken care to exclude the dealings in securities under any impending scheme of arrangement.

"Therefore, the SEBI would not pose a hurdle to the ongoing scheme of arrangement with the Reliance Group," it said.

"Further, on merits, the SEBI order is untenable since it treats a well-anticipated and publicly well-known impending reorganisation of the home furnishing businesses that the Future Group effected in 2017 to be unpublished information. The order will be challenged in exercise of the statutory right to appeal," it added.