Independent directors of Future Retail have turned down Amazon's offer of financial support to the company through a deal with private equity firm Samara Capital, saying any legally invalid offer cannot be accepted.
Future Retail's independent directors had last week asked Amazon if it was willing to give a long-term loan to avoid default on repayment of ₹3,500 crore loan due on January 29. Amazon replied to that saying it was willing to financially assist Future Retail through the Samara Capital deal but the retailer must shelve ₹24,713 crore deal with the Reliance group.
Independent directors say Amazon hasn't shown them the money that Future Retail urgently needs to stall being declared a defaulter. They want to know if Amazon can act on behalf of Samara Capital and has the authority to negotiate and finalise such transaction on its behalf.
Speaking to PTI, Ravindra Dhariwal, an independent director of Future Retail Ltd (FRL) said if Amazon wants to help FRL, it needs to show the structure through which it will put the money.
This story is from the January 25, 2022 edition of Business Standard.
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This story is from the January 25, 2022 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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