Amazon alleges Future Group-RIL deal benefits only Biyani, not others: Report

The deal between Future Group entities and Reliance Retail is beneficial only to Kishore Biyani and his family and not to smaller shareholders, Amazon told market regulator Securities and Exchange Board of India (Sebi), according to a report by The Economic Times.

In a letter to Sebi, Amazon said that it is the statutory duty of the regulator to protect the integrity of the securities market and interests of the investors. It also urged the regulator to strike down the Rs 24,714 crore merger deal between Reliance and Future Group.

The point of contention raised by Amazon is that the merger will allow all assets listed under Future Group companies to be divested to Reliance Retail, a “restricted entity.” Future Group, itself, will cease to be an independent entity.