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The All India Garment Manufacturers &amp; Vendors Association (AIGMVA) has demanded that <keyword id="44949" type="General" weightage="80" keywordseo="future-group" source="Orion">Future Group</keyword> owner <keyword id="44950" type="General" weightage="80" keywordseo="kishore-biyani" source="Orion">Kishore Biyani</keyword> should pay up their dues of over Rs 200 crore pending since 2019, here on Wednesday. The AIGMVA, comprising around 350 members from Maharashtra, Gujarat, Madhya Pradesh, Rajasthan Punjab, Karnataka, Tamil Nadu, Andhra Pradesh, Telangana and Kerala, has warned <keyword id="49454" type="General" weightage="100" keywordseo="biyani" source="Orion">Biyani</keyword> of legal action if he fails to clear their dues. In a statement, the AIGMVA advisor and Trade Union Joint Action Committee (TUJAC) Convenor Vishwas <keyword id="313080" type="General" weightage="80" keywordseo="utagi" source="Orion">Utagi</keyword> said that the producers and suppliers had supplied the garments as ordered by Biyani's group of companies between 2019-2022. "Each manufacturer-vendor has dues of between Rs 70 crore to over Rs One crore and the total amount plus interest would be around Rs 500 crore. We want the union government and all the concerned state governments also to intervene and get the huge amount cleared immediately," Utagi demanded. A garment producer from Thane said that a majority of them had availed bank loans to fulfil the Future Group's orders then but since Biyani did not pay up their bills, now the banks are hounding the manufacturers and suppliers for default and refusing to give more loans. "Due to this, over 100,000 are directly hit and along with their families and other stakeholders, more than five lakh people are on the verge of joblessness and starvation due to Future Group, explained Utagi. He said that the Future Group was last year sold to the Reliance Group and in this deal, the poor vendors comprising the backbone MSME sector of the Indian economy have been left in the lurch. A vendor from Gujarat said that their profit margins are very thin, they have no cash surplus and they survive on a cash-credit facility with regular payments to their suppliers, employees, establishment costs, EMIs, etc. "Owing to Future Group, our 100 per cent working capital is blocked, totally paralysing our operations, and now banks are hounding us with notices of loan defaults, some members have sold off family gold, saving or even their shops or homes to clear their dues and are now practically homeless," he said. The AIGMVA and TUJAC also plan to file cases against the Future Group in different states, write to Members of Parliament and Members of Legislatures to highlight their plight and urge the government's intervention to compel Biyani to pay up the entire dues and end the matter. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/meta-alphabet-amazon-among-companies-that-laid-off-most-employees-in-2023/slidelist/98656731.cms">Meta, Alphabet, Amazon among companies that laid off most employees in 2023</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/most-polluted-cities-in-india/slidelist/98657500.cms">39 out of 50 most polluted cities are in India; here are some key facts</a>

Garment producers demand ₹200 crore dues from Kishore Biyani's Future Group

New Delhi, <keyword id="44950" type="PERSON" weightage="20" keywordseo="Kishore-Biyani">Kishore Biyani</keyword>, Future Coupons and Future Corporate Resources have said that totally disillusioned and fed up with <keyword id="18635" type="COMPANY" weightage="20" keywordseo="Amazon">Amazon</keyword>'s lackadaisical attitude, they were left with no option but to accept the offer from <keyword id="10926" type="COMPANY" weightage="20" keywordseo="Reliance">Reliance</keyword>. This communication to Amazon is a response to their notices and addressed on behalf of Future Corporate Resources Private Limited (FCRPL), Kishore Biyani and other promoters. "At the further outset, we deny that we have acted contrary to and reneged on contractual obligations for personal gain or benefit, as alleged or at all. Such assertions are wholly unsubstantiated," Biyani said. "You were well aware that in light of the disruption caused due to the Covid-19 pandemic, the lenders were chasing various companies of the Future Group for honouring their obligations," he said. "Being totally disillusioned and fed up with your lackadaisical attitude, we were left with no option, but to accept the offer from the Reliance. Given the fact that Reliance is one of the largest conglomerates in the country and globally, we believed that this was the best deal in the interest of all the stakeholders of various companies of Future group including FRL, as it addressed the concerns of the lenders, employees, shareholders (public shareholders of the listed companies) of the Future Group companies including FRL. You, alone, are responsible for contributing to this situation, having failed to bail out FCPL and/or the Promoters from preventing alienation or disposal of the Promoter FRL Securities," Biyani told Amazon. "In fact, during the period March to August 2020, all your actions lacked good faith. Except for offering lip service and perfunctorily attempting to show your concern, there were no serious or genuine efforts made by you. The correspondence during this period bears out that you really had no intention to assist the Promoters/FCPL in preventing the alienation or disposal of the <keyword id="375475" type="COMPANY" weightage="20" keywordseo="Future-Retail">Future Retail</keyword> shares. What you merely did, was put up a facade of 'facilitating' the raising of finance by the Promoters," Biyani said. "In such dire circumstances, you were not expected to sit on the fence by simply calling for information and data and doing nothing to prevent the alienation and disposal of the Promoter FRL Securities. The least you could have done, was to nominate replacement financial institutions (RFIs) as soon as possible, or within reasonable time. By not nominating any RFIs, you contributed to the deterioration of the asset value of Promoters FRL Securities," Biyani said. Biyani said if the transaction with the Reliance/MDA Group was not finalised, FRL would inevitably have faced insolvency and/or liquidation, in which event, the entire equity would have been wiped out, leaving you with nothing. "We, therefore, deny having acted for personal gain, as alleged or at all. We have, in fact, acted in public interest, namely, in the interest of the banks, other lenders, and public shareholders. We have also ensured that the investments of FCPL continue to remain encumbrance free," he said. "Your contention, that there is a 'single integrated transaction', also violates the Foreign Exchange Management Act, 1999 (FEMA). Therefore, the two SHAs must be regarded as independent," he said. Biyani said, "We put-forth various alternative proposals for your consideration, including a proposal to increase Amazon's effective shareholding in FRL from 4.8 to 19.1 per cent, by investing an additional Rs 1,11,470 Crores, we made attempts to negotiate with other financial institutions and/or funds (for example Samara) to prevent alienation or disposal of Promoter FRL Securities, we could not go ahead with Samara because they wanted your NOC which was not forthcoming; we also explored the possibility of forming a consortium of financial institutions including other investors, who wanted your participation, which you did not consent to, using FDI laws as the reason, you were at all times fully aware of the exclusivity period with Reliance of four weeks from July 2, 2020 and its extension upto August 14, but as party to FCPL SHA made no concrete plan or proposal."

Kishore Biyani lashes out at Amazon, says Future Group was disillusioned and fed up with the company's lackadaisical attitude

E-commerce giant <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword> has moved the Supreme Court against the Future-Reliance Retail deal. On February 8, the Delhi High Court had stayed the implementation of status quo ordered by a single-judge bench on the Rs 24,713-crore deal between Future Retail Ltd and Reliance. The e-commerce company has challenged this Delhi High Court Division Bench order, which stayed the implementation of the "status quo" on the deal. The Division Bench of Chief Justice D.N. Patel and Justice Jyoti Singh noted: "There was no reason to seek a status quo order from single-judge bench. Statutory authorities cannot be restrained from proceeding in accordance with law". The bench also observed that Future Retail Ltd is not a party to the Arbitration Agreement and hence, the group of companies doctrine cannot be invoked. "Observations are only prima facie. Single judge not to be influenced," the High Court had noted. Earlier, Future Retail Ltd had moved the division bench to appeal against the status quo order passed by Justice J.R. Midha. According to sources, Amazon filed an appeal in the top court after the high court dealt a blow to the US firm by revoking a previous court decision that effectively blocked the deal. In its plea, Amazon contended that the division bench should have waited for a detailed single-judge order and urged the top court to stay this order. Amazon had moved the Delhi High Court last month for enforcement of the Emergency Award. It had alleged that Future Group's <keyword id="44950" type="PERSON" weightage="20" keywordseo="Kishore-Biyani">Kishore Biyani</keyword> as well as other promoters and directors were "deliberately and maliciously" disobeying the Emergency Award in spite of their participation in the arbitration proceedings.

Amazon, Future Retail battle far from over – Jeff Bezos-led e-commerce giant moves Supreme Court to stop Kishore Biyani’s deal with Reliance

The Delhi High Court Tuesday directed <keyword id="375475" type="COMPANY" weightage="20" keywordseo="Future-Retail">Future Retail</keyword> Ltd (FRL) to maintain status quo in relation to its Rs 24,713 crore deal with Reliance Retail, which has been objected to by US-based e-commerce giant Amazon. Justice J R Midha said the court was satisfied that an immediate interim order was required to be passed to protect the rights of Amazon. "Respondents (FRL) are directed to maintain status quo as on today at 4:49 PM till pronouncement of the reserved order," the judge said. Amazon has approached the high court seeking direction to order enforcement of the award by Singapore's Emergency Arbitrator (EA) restraining FRL from going ahead with its Rs 24,713 crore deal with Reliance Retail. Amazon has sought to restrain Kishore Biyani-led Future Group from taking any steps to complete the transaction with entities that are a part of the Mukesh Dhirubhai Ambani (MDA) Group.

Amazon gets interim relief, Delhi High Court directs Future Retail to maintain status quo on deal with Reliance

OYO’s Ritesh Agarwal and Future Group’s Kishore Biyani did not make the cut this year to be among India’s richest billionaires

<ul><li>Amazon has written to India’s market regulator – Securities and Exchange Board of India, accusing <keyword id="375475" type="COMPANY" weightage="20" keywordseo="Future-Retail">Future Retail</keyword> of insider trading, according to Reuters. </li><li>Amazon wrote in the letter that Future Retail revealed price sensitive information to Reliance regarding the Singapore arbitrator’s order of the injunction granted to the global e-commerce giant.</li><li>The Singapore court had ruled in favour of Amazon and passed an interim order that put the RIL-Future deal on hold.</li></ul>Global e-commerce giant Amazon has written to India’s market regulator – Securities and Exchange Board of India, accusing Future Retail of insider trading, according to<a href="https://www.reuters.com/article/amazoncom-india-future-reliance/exclusive-amazon-accuses-indias-future-of-insider-trading-as-it-seeks-to-block-reliance-deal-idUSL4N2HW41T"> Reuters</a>. The letter to SEBI dated November 8 says that Future Retail revealed price sensitive information to Reliance regarding the Singapore arbitrator’s order of the injunction granted to Amazon. On October 25, global e-commerce giant Amazon got a stay order on the <a href="https://www.businessinsider.in/retail/news/mukesh-ambani-reliance-retail-acquires-kishore-biyani-future-group-for-25000-crore-in-a-slump-sale/articleshow/77825144.cms">Future Retail and Reliance deal </a>from a Singapore arbitrator, and had written to BSE and SEBI to uphold the decision. Amazon had sent a legal notice to Future Coupons over Future Group’s ₹25,000 crore deal with Reliance. Amazon had <a href="https://www.timesnownews.com/business-economy/companies/article/amazon-sends-legal-notice-to-future-group-for-alleged-breach-rofl-rights-in-reliance-deal/663768">said that </a>it was denied the Rights of First Refusal for the deal with Future Group. The Singapore court had ruled in favour of Amazon and passed an interim order that put the RIL-Future deal on hold. However, Amazon in the letter to SEBI alleges that <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>’s Reliance, which was not a party to the arbitration proceedings, was given information regarding the same, and it would have come from Future Retail. <a href="https://www.businessinsider.in/business/news/future-retail-reliance-deal-bse-to-consult-sebi-after-amazons-request-heres-all-that-has-happened-so-far/articleshow/78949099.cms">Here’s a timeline of events in the Future Retail, Reliance vs Amazon fight so far</a> The development comes as the <keyword id="10138753" type="UNKNOWN" weightage="20" keywordseo="amazon-vs-future-retail">Amazon vs Future Retail</keyword> case in the Delhi High Court has been adjourned for the second day. Future Retail had on November 7 informed the bourses that it was seeking relief and contended that Amazon was ‘misusing’ the interim order passed by an emergency arbitrator, appointed by the Singapore International Arbitration Centre (SIAC) on October 25, 2020. During the court’s proceedings on Wednesday, Amazon’s representative Gopal Subramanium argued that when Future Retail has used money from the global e-commerce company, how can it now say that it’s in violation of the FDI rules of India. On Tuesday, Future Retail’s lawyer Harish Salve had argued that FDI isn’t allowed in multi-brand retail in India and that Amazon can’t go ahead with FDI violations. Salve ended his arguments in court by saying, “Please don’t let this American giant kill Future.” SEE ALSO: <a href="https://www.businessinsider.in/retail/news/future-retail-in-delhi-high-court-kishore-biyani-lawyers-say-amazon-knew-about-ril-deal-from-june/articleshow/79144990.cms">‘Please don’t let this American giant kill Future,’ Kishore Biyani’s lawyers say Amazon knew about RIL-Future Retail deal from June</a>

Amazon wants Future Retail to be investigated by India’s market regulator – accuses Kishore Biyani’s group of insider trading

<ul><li><keyword id="375475" type="COMPANY" weightage="20" keywordseo="Future-Retail">Future Retail</keyword> has informed the bourses that with Amazon taking the case back to Singapore court, not every stage of the proceeding is a “material event for disclosure”. </li><li>Future Retail also hinted that it wasn’t going to give in to Amazon’s media tactics.</li><li>The statement from Future Retail has come in after the National Stock Exchange warned the company that it could face regulatory scrutiny for not putting out market disclosures on time. </li></ul><keyword id="44950" type="PERSON" weightage="20" keywordseo="Kishore-Biyani">Kishore Biyani</keyword>’s Future Retail (FRL), which is embroiled in a legal battle with e-commerce giant Amazon over its deal with Reliance Retail, has told the bourses that with Amazon taking the case back to Singapore court, not every stage of the proceeding is “material event for disclosure”. In a statement to the stock exchange, the company wrote, “As you are aware, Amazon has initiated arbitration proceedings in Singapore, which the company believes is without merit and without jurisdiction.” Future Retail also hinted that it wasn’t going to give in to Amazon’s media tactics. “Every stage of the proceedings would not lend itself to being a material event for disclosure under Regulation 30 of the LODR Regulations,” the statement said. FRL added that it was making this disclosure “out of abundant caution” since Amazon’s media strategy was to have “every development reported and converted into a line of communication with stock exchanges.” This statement from Future Retail has come in after the National Stock Exchange (NSE) warned the company on November 26 that it could face regulatory scrutiny for not putting out market disclosures on time. NSE’s warning came after<a href="https://economictimes.indiatimes.com/markets/stocks/news/reliance-vs-amazon-nse-warned-future-retail-of-action-over-disclosures/articleshow/79403903.cms"> Amazon complained</a> that <keyword id="44949" type="CITY" weightage="20" keywordseo="Future-group">Future Group</keyword> was misleading the public with incorrect market disclosures. On November 25, the Singapore International Arbitration Centre had <a href="https://www.business-standard.com/article/companies/amazon-future-tussle-singapore-s-arbitration-court-rejects-biyani-s-plea-120112501490_1.html">rejected</a> Future’s plea not to be included in the arbitration. The legal battle began when on October 25, global e-commerce giant Amazon got a stay order on the Future Retail and Reliance deal from a Singapore arbitrator and had written to BSE and SEBI to uphold the decision. Amazon had sent a legal notice to Future Coupons over Future Group’s ₹25,000 crore deal with Reliance. Amazon had <a href="https://www.timesnownews.com/business-economy/companies/article/amazon-sends-legal-notice-to-future-group-for-alleged-breach-rofl-rights-in-reliance-deal/663768">said that </a>it was denied the Rights of First Refusal for the deal with Future Group. The Singapore court had ruled in favour of Amazon and passed an interim order that put the RIL-Future deal on hold. Since then, the matter is subjudice in the Delhi High Court. SEE ALSO: <a href="https://www.businessinsider.in/business/news/amazon-wants-future-retail-to-be-investigated-by-indias-market-regulator-accuses-kishore-biyanis-group-of-insider-trading/articleshow/79170908.cms">Amazon wants Future Retail to be investigated by India’s market regulator – accuses Kishore Biyani’s group of insider trading</a>

Future Retail tells the bourses that not every stage of the Amazon proceedings would be ‘material event for disclosure’

<ul><li><keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword> has said that it was denied the Rights of First Refusal for the deal with Future Group.</li><li>In August, the Mukesh Ambani-led Reliance had acquired Future Group’s assets by way of a ‘slump sale’.</li><li>Amazon in 2019 had picked up a 49% stake in <keyword id="44950" type="PERSON" weightage="20" keywordseo="Kishore-Biyani">Kishore Biyani</keyword>’s Future Group’s – Future Coupons for ₹1,431 crore. </li></ul>Global e-commerce giant Amazon has sent a legal notice to Future Coupons over Future Group’s deal with Reliance. Amazon has <a href="https://www.timesnownews.com/business-economy/companies/article/amazon-sends-legal-notice-to-future-group-for-alleged-breach-rofl-rights-in-reliance-deal/663768">said that </a>it was denied the Rights of First Refusal for the deal with Future Group. In August, the Mukesh Ambani-led Reliance had acquired Future Group’s assets by way of a ‘slump sale’. However, even then speculations were rife about what happens to Amazon’s previous partnership with Future Coupons. Amazon in 2019 had picked up a 49% stake in Kishore Biyani’s Future Group’s – Future Coupons for ₹1,431 crore. As part of the agreement, Amazon had been granted a call option. This option allows Amazon to acquire all or part of the promoters' shareholding in <keyword id="375475" type="COMPANY" weightage="20" keywordseo="Future-Retail">Future Retail</keyword> and can be exercised in three or ten years. “We have initiated steps to enforce our contractual rights. As the matter is sub-judice, we can’t provide details,” Amazon said in a statement. With the matter now having taken a legal turn, Amazon could pose a major hurdle in the completion of the Reliance and Future Group deal. Earlier, it was <a href="https://www.financialexpress.com/industry/amazon-to-buy-reliance-retail-stake-ril-may-sell-up-to-40-in-retail-unit-to-jeff-bezos-firm/2079667/">reported </a>by several publications that Amazon was in talks with Reliance for a 40% stake in Ambani’s retail venture. Even though the deal didn’t go ahead, Amazon has been strengthening its foothold in India. Amazon had recently received ₹1,125 crore from its Singapore-registered parent entity. Additionally, Amazon and Samara Capital are investing ₹275 crore ($37.5 million) into MORE – the retail chain the duo had acquired from Kumar Mangalam Birla’s Aditya Birla Group, according to filings sourced by financial data platform <a href="https://paper.vc/amazon-and-samara-inject-cash-into-more/">paper.vc</a>. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/private-companies-in-india-can-now-convert-permanent-jobs-into-fixed-term-contracts/articleshow/78546306.cms">Private companies in India can now convert permanent jobs into fixed-term contracts — without offering severance pay or a fixed tenure</a>

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Garment producers demand ₹200 crore dues from Kishore Biyani's Future Group

IANS

Kishore Biyani lashes out at Amazon, says Future Group was disillusioned and fed up with the company's lackadaisical attitude

IANS

Amazon, Future Retail battle far from over – Jeff Bezos-led e-commerce giant moves Supreme Court to stop Kishore Biyani’s deal with Reliance

IANS

Amazon gets interim relief, Delhi High Court directs Future Retail to maintain status quo on deal with Reliance

PTI

OYO’s Ritesh Agarwal and Future Group’s Kishore Biyani did not make the cut this year to be among India’s richest billionaires

Prabhjote Gill

Amazon wants Future Retail to be investigated by India’s market regulator – accuses Kishore Biyani’s group of insider trading

Sanchita Dash

Future Retail tells the bourses that not every stage of the Amazon proceedings would be ‘material event for disclosure’

Sanchita Dash

Amazon fights for its ‘rights’ in the Future Retail-Reliance deal – sends legal notice to the Kishore Biyani Group

Sanchita Dash

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