Amazon has also demanded the arrest of three officials, including Kishore Biyani, his daughter Ashni and seven other members of the founding family and the company secretary of the Future Group.
Recently, American e-commerce company Amazon has filed a petition in the Delhi High Court. The petition calls for the arrest and seizure of property of Kishore Biyani, founder of Future Group, known as the Retail King of India. Let’s know the success story of Kishore Biyani and why Amazon is demanding Biyani’s arrest.
Who is Kishore Biyani: Kishore Biyani, the head of the largest Future Group in the retail market, was born in Rajasthan. Kishore Biyani, popularly known as Retail King of India, did a textile business. Kishore Biyani also followed in this footsteps and started making trousers at just 22 years of age. It later became the Pantaloon brand, which is doing business all over the world today.
Future Retail’s Big Bazaar plans to open 16 new stores over the next three quarters. With this expansion, the number of Big Bazaar stores will increase to more than 300. Explain that the company has a presence in more than 100 cities. Future Group opened the first store of Big Bazaar in 2001. More Read: If you want to buy the old Swift Dzire, you can take it from here, know the complete detail
What Amazon has to say: Actually, Amazon has objected to the Rs 24,713 crore deal between Future Group and Reliance Industries. This deal has recently been approved by SEBI.
Subsequently, in the petition, Amazon has requested to implement the order of the Singapore Arbitration Court against Future. Amazon has demanded that the Biyani family be directed to declare their movable and immovable property and their property should be confiscated.
Amazon has also demanded the arrest of three officials, including Kishore Biyani, his daughter Ashni and seven other members of the founding family and the company secretary of the Future Group. Amazon has also demanded instructions to direct directors of Future Group companies to be jailed.
Let us know that the retail unit of Reliance Industries is going to acquire the retail, wholesale, logistics and warehousing business of Future Group. This includes stores from Future Group’s Big Bazaar, FBB, EGD, Central Foodhall formats.