Traders association urges Jeff Bezos to not block Reliance-Future deal
The All India Consumer Products Distributors Federation and Public Response Against Helplessness and Action for Redressal, in an open letter, have said more than 6,000 vendors and suppliers have Rs 6,000 crore worth of dues pending with the Future Group.
March 04, 2021 / 12:21 PM IST
Fast-moving consumer goods traders and distributors have urged Amazon founder and outgoing chief executive officer Jeff Bezos to not block the Reliance Retail and Future Group deal, saying the uncertainty had left them in a dire financial situation.
In an open letter, the All India Consumer Products Distributors Federation (AICPD) and Public Response Against Helplessness and Action for Redressal, an NGO, have said Amazon's " unwarranted adventurism" had caused suffering to traders and their families in India.
More than 6,000 small vendors and suppliers had Rs 6,000 crore worth of dues pending with the Future Group since March 2020, the letter said.
"While you continue with your great game of world domination, we have become what is called 'collateral damage'. Payments of our members are blocked. Our families are in great financial stress and suffering from mental and emotional distress," the letter said.
The associations demanded Bezos to either pay the traders their dues or "back off".
Amazon and Future Group are locked in a legal dispute over the sale of the Indian company’s retail, logistics and warehousing assets to Reliance Retail Ventures (RRVL), a unit of Reliance Industries, for Rs 24,713 crore. The Future group had agreed to the sale in August 2020.
However, Amazon which owns a 49 percent stake in Future Coupons, an unlisted company, has challenged the Future Group-Reliance Retail deal, claiming it did not consent to such a transaction. It said the deal breached some existing agreements, claims denied by the Future group.Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.