Future hid facts, claims Amazon

Amazon.com Inc., which is fighting to block Future Group from selling its assets to Reliance Industries Ltd, has accused the Kishore Biyani-led Future Retail Ltd (FRL) of hiding key facts from shareholders while pursuing the transaction.

In a letter addressed to Sebi, Amazon has alleged that Future Group has perpetuated “fraud” by misleading public shareholders. A copy of the letter was reviewed by Mint.

“FRL’s disclosure presents a selective and misleading picture. Such disclosure is against the public interest, misleads public shareholders (which make up approximately 70% of FRL’s shareholding) as well as perpetuates a fraud for the benefit of the Biyanis alone,” Amazon wrote in the 3 October letter.