#Future Retail Tumblr posts

  • gaadikey
    03.12.2021 - 9 hours ago

    Mercedes-Benz delivers 1000+ cars with ‘Retail of the Future’

    Mercedes-Benz delivers 1000+ cars with ‘Retail of the Future’

    India’s largest luxury carmaker Mercedes-Benz today achieved the milestone of delivering the Thousandth car with the novel Retail of the Future business model. Retail of the future first announced in June 2021, was launched after the successful beta testing phase in late October 2021. Martin Schwenk, Managing Director and CEO, Mercedes-Benz India and Tushar Kumar, MD & CEO, Silver Arrows…

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    #Mercedes Retail of the Future #Mercedes-Benz Cars in India #Mercedes-Benz india #Mercedes-Benz Retail of the Futue
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  • swarajya7793
    02.12.2021 - 23 hours ago
    #Retail Ready Packaging Market by Type #Retail Ready Packaging Market Forecast #Retail Ready Packaging Market Future Innovation
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  • survesanika60
    29.11.2021 - 4 days ago

    CCI won't be intimidated by the arrogance of Amazon, says Future Retail

    The company says US e-com major showed disregard to Indian law by walking out of CCI proceedings

    Future Retail said on Sunday that it firmly believes that the Competition Commission of India (CCI) will not be intimidated by the arrogance of Amazon. Future hopes that instead, CCI will take action on its show-cause notice against the US-based e-commerce company, in accordance with the law.

    This statement comes after Amazon walked out of CCI proceedings on Nove­mber 24. “The counsels to Amazon, in utter disregard to the norms and utter disrespect to the Indian statutory regulatory authority, refused to argue the matter. They walked out of the proceedings in an attempt to browbeat the CCI,” the Indian retailer said in a stock exchange filing.

    In a letter addressed to Future Coupons, CCI said it heard the counsels appearing on behalf of Future Coupon and Confederation of Indian Traders (CAIT) at length. It also called Amazon’s counsel to make its submissions on merits and learned about its inability to argue the matter and stated that making submissions may compromise its special leave petition (SLP) and render it infructuous. Its SLP was to come up before the Supreme Court on November 25.

    CAIT had filed public interest litigation in Delhi High Court against CCI, asking it not to delay its ruling in the Amazon-Future Coupons deal. The high court then asked CCI, on November 16, to rule on revoking its approval to the Amazon-Future Coupons deal within two weeks.

    “The learned counsel also made a grievance that Amazon did not get sufficient time to file its rejoinder. Accordingly, despite grant of opportunity, the learned counsel did not make oral submissions,” CCI said in its letter to Future Coupons.

    Future Coupons lawyer responded to CCI in a letter stating, “The conduct of Amazon smacks of arrogance. It has shown scant respect to the Delhi High Court, the Supreme Court, and to this commission.” Future Coupons also said, in its letter, that the e-commerce major could have moved the Delhi High Court for an extension of time or for a suspension of the order. But it moved the Supreme Court by an interim application relating to the arbitration proceedings, establishing its mistaken belief that the Supreme Court would not deny relief to Amazon.

    “When it failed to get relief from the Supreme Court, it then sought an adjournment from the CCI. When that was refused, in a display of outright contempt for an Indian statutory authority, this trillion-dollar American company walked out of the hearing,” the letter said.

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  • survesanika60
    26.11.2021 - 1 week ago

    Future Retail guilty of financial irregularities, says Amazon

    Amazon is fighting a legal battle with FRL to stop the Kishore Biyani-led retailer's $3.4 billion deal with Reliance Industries Limited (RIL)

    US e-commerce giant Amazon has written to the independent directors of Future Retail Limited (FRL), including Gagan Singh, Ravindra Dhariwal, and Jacob Mathew, and its audit committee, providing data and alleging that there have been significant financial irregularities to the prejudice of public shareholders, banks, creditors, and third-party suppliers. Amazon has said this warrants a thorough and independent examination of all relevant facts and related-party transactions, including of past financial years, by an independent agency.

    Separately, Amazon has written to Securities and Exchange Board of India Chairman Ajay Tyagi, seeking the withdrawal of the regulator’s conditional approval granted to FRL related to the merger deal between the Future group and Reliance. The letter has also been sent to top officials of the stock exchanges.

    Amazon’s letter to the FRL independent directors, dated November 24, which Business Standard has accessed, states: “Given the nature of disclosure and findings, a careful and detailed examination must be made by statutory authorities/regulators/enforcement agencies also to enquire and investigate into the financial statements, and records, including related-party transactions and discussions in board, and audit committee meetings, in the interest of public shareholders, banks, creditors, and third party suppliers.”

    #Amazon#FRL#Future Group #Future Retail independent directors #Future Retail#CCI #Competition Commission of India #financial irregularities#sebi#ajay tyagi
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  • survesanika60
    26.11.2021 - 1 week ago

    Amazon asks Sebi to withdraw $3.4-bn Future-RIL deal approval

    Amazon is now fighting a legal battle with FRL to stop the Kishore Biyani-led retailer's $3.4 billion deal with RIL

    US e-commerce giant Amazon has written to Ajay Tyagi, chairman of market regulator Securities and Exchange Board of India (Sebi), and other top executives, to withdraw its conditional approval granted to Future Retail Limited (FRL) related to the $3.4-billion merger deal between Future Group and Reliance. The letter has also been sent to other top officials at stock exchanges such as BSE Limited and the National Stock Exchange of India Limited (NSE).

    In Aug 2019, Amazon acquired a 49 percent stake in Future Coupons, the promoter entity of Future Retail, for about Rs 1,500 crore. Amazon is now fighting a legal battle with FRL to stop the Kishore Biyani-led retailer’s $3.4 billion deal with Reliance Industries Limited (RIL).

    Amazon has requested Sebi and the stock exchanges to act in aid of the binding injunctions operating against FRL, FCPL (Future Coupons Pvt Ltd), and the Biryanis, in terms of the EA Order and the Order on Vacate Application and recall the Observation Letters forthwith.

    “We refer to our earlier correspondence including the October 30, 2021 Letter. We wish to reiterate that the EA Order was passed by the Emergency Arbitrator restraining FRL, FCPL and the Biyanis from taking any steps in relation to, in furtherance or in aid of, the Impugned Transaction,” said Amazon’s letter dated November 24 and seen by Business Standard.

    Future Group and Amazon didn’t respond to the query related to this issue.

    In the letter, Amazon said it reiterates that FRL precipitated the Observation Letters from the SEBI and the Indian Stock Exchanges in violation of the binding directions contained in the EA Order. Consequently, it said the Observation Letters are in violation of the EA Order, have no legal basis and constitute a nullity.

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  • shlipayadavblog
    26.11.2021 - 1 week ago

    Amazon's letter is nothing but an afterthought, says Future group

    Amazon is not a shareholder or creditor of Future Retail (FRL) and hence has no locus standi to send the letter, a spokesperson for the Future group said in response to a query.

    “Amazon’s letter is nothing but an afterthought and a counterblast to the show-cause notice by the Competition Commission of India against Amazon in pursuance of the complaint by Future Coupons Pvt Ltd (FCPL) seeking withdrawal of the CCI’s approval for Amazon’s investment into FCPL,” said the spokesperson. “The allegations contained in Amazon’s letter are being made as part of a legal dispute that is being dealt with by the Supreme Court, high court and other regulatory forums.”

    ALSO READ: Future Retail guilty of financial irregularities, says Amazon

    The spokesperson said the Board of FRL had formed a crisis management committee to deal with the situation arising out of Covid lockdowns, nationwide store closures, and the sale of pledged shares impacting all aspects of the company’s functioning. “It was the committee’s job to raise questions with the management. Various questions were raised by the committee from time to time and these were clarified through detailed explanations by management with supporting documents and presentations to their satisfaction, as well as through special audits, wherever required.”

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  • thenations
    26.11.2021 - 1 week ago

    Amazon's letter is nothing however an afterthought, says Future group

    Amazon’s letter is nothing however an afterthought, says Future group

      Amazon shouldn’t be a shareholder or creditor of Future Retail (FRL) and therefore has no locus standi to ship the letter, a spokesperson for the Future group stated in response to a question. “Amazon’s letter is nothing but an afterthought and a counterblast to the show-cause notice by the Competition Commission of India against Amazon in pursuance of the complaint by Future Coupons Pvt Ltd…

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  • thenations
    26.11.2021 - 1 week ago

    Future Retail responsible of monetary irregularities, says Amazon

    Future Retail responsible of monetary irregularities, says Amazon

    US e-commerce big Amazon has written to the unbiased administrators of Future Retail Restricted (FRL), together with Gagan Singh, Ravindra Dhariwal and Jacob Mathew, and its audit committee, offering information and alleging that there have been vital monetary irregularities to the bias of public shareholders, banks, collectors, and third-party suppliers. Amazon has stated this warrants an…

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    #Ajay Tyagi#Amazon#cci #Competition Commission of india #financial irregularities#FRL#Future group#Future Retail #Future Retail independent directors #Sebi
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  • thenations
    26.11.2021 - 1 week ago

    Amazon asks Sebi to withdraw $3.4-bn Future-RIL deal approval

    Amazon asks Sebi to withdraw $3.4-bn Future-RIL deal approval

    US e-commerce big Amazon has written to Ajay Tyagi, chairman of market regulator Securities and Change Board of India (Sebi) and different high executives, to withdraw its conditional approval granted to Future Retail Restricted (FRL) associated to the $3.4-billion merger deal between Future Group and Reliance. The letter has additionally been despatched to different high officers at inventory…

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  • survesanika60
    25.11.2021 - 1 week ago

    Amazon seeks to pause antitrust review of 2019 deal with India's Future

    The Competition Commission of India (CCI) in June accused Amazon of concealing facts and making false submissions.

    Amazon.com Inc has asked India's Supreme Court to pause an expedited review of allegations that the U.S. firm concealed information while seeking antitrust clearance for a 2019 deal with India's Future Group, legal papers seen by Reuters showed.

    The Competition Commission of India (CCI) in June accused Amazon of concealing facts and making false submissions when it sought approval for the $200 million investment into a Future unit in 2019, a deal that is now at the heart of protracted legal disputes between the two sides.

    Amazon told Reuters at the time that it was confident of addressing the watchdog's concerns.

    The Supreme Court approach by Amazon comes as the CCI on Wednesday held a closed-door hearing where the U.S. firm's lawyers declined to argue and explain their position on the matter, saying they had asked the top court to pause the process.

    The watchdog noted in an internal document - seen by Reuters - that it had decided to give no extensions to the company to explain its position and will now issue an order in due course.

    Amazon and the CCI did not immediately respond to a request for comment.

    The CCI decision is critical to Amazon's legal challenges. If the CCI rules against Amazon and revokes the 2019 approval, it could have wide-ranging ramifications on the U.S. firm's ongoing legal battle with Future, people familiar with the case say.

    That's because Amazon has so far successfully used the 2019 Future unit deal to argue breach of certain contracts when the Indian company announced plans to sell its retail assets to rival Reliance Industries for $3.4 billion last year.

    Future, which denies any wrongdoing, accuses Amazon of illegally interfering in its business decisions and derailing a potential deal without which it says it will face liquidation.

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  • shlipayadavblog
    25.11.2021 - 1 week ago

    Amazon seeks to pause antitrust review of 2019 deal with India's Future

    Amazon.com Inc has asked India's Supreme Court to pause an expedited review of allegations that the U.S. firm concealed information while seeking antitrust clearance for a 2019 deal with India's Future Group, legal papers seen by Reuters showed.

    The Competition Commission of India (CCI) in June accused Amazon of concealing facts and making false submissions when it sought approval for the $200 million investment into a Future unit in 2019, a deal that is now at the heart of protracted legal disputes between the two sides.

    Amazon told Reuters at the time that it was confident of addressing the watchdog's concerns. The Supreme Court approach by Amazon comes as the CCI on Wednesday held a closed-door hearing where the U.S. firm's lawyers declined to argue and explain their position on the matter, saying they had asked the top court to pause the process.

    The watchdog noted in an internal document - seen by Reuters - that it had decided to give no extensions to the company to explain its position and will now issue an order in due course.

    Amazon and the CCI did not immediately respond to a request for comment.

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  • doonitedin
    23.11.2021 - 1 week ago

    Amazon-Future case: SC irked over parties filing voluminous records, seeks small common compilation

    Amazon-Future case: SC irked over parties filing voluminous records, seeks small common compilation

    Image Source : PTI (FILE) Supreme Court of India Irked over truckload of bulky documents filed by parties in a batch of petitions arising out of the Amazon-Future Retail case, the Supreme Court Tuesday asked whether the purpose was just to drag on or harass the judges and sought a common small compilation of documents. A bench comprising Chief Justice NV Ramana and Justice AS Bopanna and Hima…

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    #Amazon Future case #Amazon Future deal #future retail#Kishore Biyani #reliance future deal #Supreme Court
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  • denverwiththeflow
    17.11.2021 - 2 weeks ago
    #market research future #retail cloud industry #retail cloud market #retail cloud market size #retail cloud market share
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  • solankimeera71
    16.11.2021 - 2 weeks ago

    Reliance vs Amazon fight makes for a cranky board at Future Retail

    Two of the world’s richest men, fighting over a near-bankrupt Indian retailer, have made so much noise that its board has woken up super cranky. In less than a week, the three independent directors of Future Retail Ltd. have shot off two letters to the country’s competition authority, alleging that Amazon.com had deliberately misled the regulator about the true nature of its 2019 investment in a related entity. They want the antitrust watchdog to cancel the transaction.

    The 2025 dollar bonds of Future Retail rose a little Monday, though they still trade at 61 cents to the dollar. Based on what an arbitration tribunal in Singapore has had to say on the issue of alleged misrepresentation by Amazon, the maneuver looks like a long shot. But one never can predict the course of regulatory action in India. If the gambit succeeds, Asia’s wealthiest businessman, Mukesh Ambani, may be able to get his hands on Future’s retail stores after all, a deal Amazon boss Jeff Bezos has so far managed to block using judicial proceedings. A scrapping of Amazon’s investment would leave the U.S. retailer with no valid contract to stop the sale of assets to Ambani. Read Full Article Here

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  • survesanika60
    16.11.2021 - 2 weeks ago

    Reliance vs Amazon fight makes for a cranky board at Future Retail

    Independent directors say Amazon.com deliberately misled India's competition regulator about the true nature of its 2019 investment in Future Coupons.

    Two of the world’s richest men, fighting over a near-bankrupt Indian retailer, have made so much noise that its board has woken up super cranky. In less than a week, the three independent directors of Future Retail Ltd. have shot off two letters to the country’s competition authority, alleging that Amazon.com had deliberately misled the regulator about the true nature of its 2019 investment in a related entity. They want the antitrust watchdog to cancel the transaction.

    The 2025 dollar bonds of Future Retail rose a little Monday, though they still trade at 61 cents to the dollar. Based on what an arbitration tribunal in Singapore has had to say on the issue of alleged misrepresentation by Amazon, the maneuver looks like a long shot. But one never can predict the course of regulatory action in India. If the gambit succeeds, Asia’s wealthiest businessman, Mukesh Ambani, may be able to get his hands on Future’s retail stores after all, a deal Amazon boss Jeff Bezos has so far managed to block using judicial proceedings. A scrapping of Amazon’s investment would leave the U.S. retailer with no valid contract to stop the sale of assets to Ambani.

    It’s rare for Indian boards to question the legality of agreements that they’ve been involved in. But then, the stakes are high in the Ambani vs. Bezos battle. The outcome could go some way toward determining which of the two billionaires would ultimately control India’s $800 billion retail market. This isn’t a war the directors can sit out — not with Future sinking under the weight of 190 billion rupees ($2.5 billion) of liabilities, and relentless losses that jumped 80% from a year earlier in the six months through September.

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  • hitechnewsdaily
    15.11.2021 - 2 weeks ago

    Today’s Stocks Contemplation: Nykaa, Hero MotoCrop, Future Retail, ONGC

    Today’s Stocks Contemplation: Nykaa, Hero MotoCrop, Future Retail, ONGC

    On Monday, the domestic stock markets are anticipated to trade deliberately by taking suggestions from the global markets. It is found that Asian shares verged higher due to the early gains made by the U.S. stock futures. The recent trends on SGN Nifty have shown an astounding opening for the markets to see a nice comeback. Furthermore, the Nifty Futures on Singapore Exchange which is also known…

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  • doonitedin
    14.11.2021 - 2 weeks ago

    Future tells Competition Commission that Amazon misled regulator

    In the latest letter, the independent directors alleged that Amazon’s representation that it does not have any direct or indirect shareholding in FRL is also contradicted by their own internal records. Independent directors of Future Retail (FRL) have shot off another letter to the Competition Commission of India (CCI), alleging that Amazon’s submissions to the watchdog were completely…

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    #Amazon #Competition Commission of India #foreign portfolio investment #future retail
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  • lesbianadaine
    14.11.2021 - 2 weeks ago

    honestly. at this point. if i ever DO get the chance/money to go to college i would go into cosmetology and become a hairdresser because i dont think id ever make it in a fashion college

    #peach patter #not to like. think abt my bleak as future and everything ill never have but #i would love to go into like. fashion design or marketing but those are both incredibly hard jobs even if theyre sought after a good bit #and this isnt me saying 'sigh. guess ill settle with a shitty option' bc its not #but its the realistic option. especially since fashion design is leaps more expensive than cosmetology #i think id be the hairdresser ppl would go to when they just wanna chop it all off and dont want someone who'll try talking them out of it #ill just make clothes on my own. as a hobby like i do with my art. thats objectively the safer option for me if i ever got the chance #bc i know like. REALISTICALLY realistically. im just going to work in retail/service my entire life. i dont really have option
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  • vision4perception
    14.11.2021 - 2 weeks ago

    Future Retail's independent directors ramp up attack on Amazon, write another letter to CCI

    Future Retail’s independent directors ramp up attack on Amazon, write another letter to CCI

    The independent directors of Ltd (FRL) in another letter to the Competition Commission of India () on Sunday have accused Amazon of submitting to the commission with “completely opposite” information and said they were “contradictory” to Amazon’s own internal communications regarding the US giant’s 2019 investments into FRL’s promoter company. In their latest letter to the CCI chairman Ashok…

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    #Amazon#CCI #FRL independent directors #Future Amazon fight #future retail
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  • doonitedin
    12.11.2021 - 3 weeks ago

    Reliance, Coal India, Tata Steel, Zee Entertainment, Future Retail, Bank of Baroda, BHEL stocks in focus

    Technical analysts say that the intraday texture of the Nifty is weak but a strong possibility of a pullback rally is not ruled out if it succeeds to trade above 50 days SMA or 17750. Image: Reuters Nifty futures were trading 48.50 points or 0.27 per cent up at 17,980 on Singaporean Exchange, indicating a gap-up opening for BSE Sensex and Nifty 50 on Friday. Besides, movement in global markets,…

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