Amazon wanted to destroy us and it succeeded: Future Retail tells SC
India Today
Future Retail said that Amazon wanted to destroy it, and it succeeded, as the legal battle continues over Future Retails's merger deal with Reliance.
Future Retail told the Supreme Court on Friday that Amazon wanted to destroy the company, and it succeeded, as the long-running legal battle continues over Future Retails's merger deal with Reliance.
Senior advocate Harish Salve, appearing for FRL, said that around 374 shops are with the group and it is not going to give them to anybody on its own unless 'some landlords' throw them out, referring to the take over of stores by Reliance. According to Salve, license fee of 374 stores is over Rs 1,100 crore.
“My bank accounts are frozen I can’t pay rent. Everyone is hoping if scheme gets through Reliance comes in and everyone will get the money,” he said, adding that there was no money to pay the rentals and moreover, if the lending banks come, then the IBC (Insolvency and Bankruptcy Code) will come into picture.
"No one wants to do business with us now. When the landlord gives an eviction notice, then what can we do? For Rs 1,400 crore (worth of the Amazon-Future disputed deal), Amazon has destroyed a Rs 26,000 crore company. Amazon has been successful in what it wanted to do," Advocate Salve said.
Meanwhile, Senior advocate Gopal Subramanium, appearing for the US firm, said that assets should remain with Future Retail till the arbitration proceedings are completed.
“Our prayer is to restrain alienation of FRL's assets in favour of any other party and assets must continue to remain with FRL and operate with FRL until the matter is resolved by the arbitral tribunal,” Advocate Subramanium said.
"The question that they are short of money and could not pay lease rental is a strategy, a sham and it is to overcome the representation made before court when they asked to let the proceedings continue," he added.
