It’s akin to demon preaching vedas: Future Retail independent directors on Amazon’s allegation of fraudulent stratagem

The independent director of the Future Retail Ltd NSE -4.47 % (FRL) has rejected Amazon’s allegations of facilitating a fraudulent stratagem for the transfer of 835 stores to Reliance NSE 1.98 % Retail, terming them as “false” and said the e-commerce major is trying to create a narrative using the company “as a pawn” to carry its battle against billionaire Mukesh Ambani. They have said due to the “cumulative effect” of Amazon’s wrongful conduct, the lenders of FRL had rejected the Rs 24,713 crore deal with Reliance Retail and the account the company has been declared NPA as it failed to monetise the assets by selling the small format stores to repay part of the overdue amounts to the banks.