Amazon, India’s leading ecommerce platform, is currently competing with its rivals Flipkart and Reliance. Reliance – Amazon, the winner of the Future Group case, now has a new problem.
A newspaper report that Amazon is committing various scams and bribery in its Indian business has gone as far as top management in the United States.
Following this news, Amazon has now ordered a committee within the company to investigate and immediately begin work.
Amazon scandal
Amazon has been accused of bribing several segments through legal fees it pays in its Indian business. Amazon has sent a senior official on Amazon’s legal team on leave as soon as the commission of inquiry is set up.
Amazon strict control
Amazon’s response to this is that there is no place for any corruption or illegal activities in Amazon, these allegations will be properly investigated and severe action will be taken. But Amazon has announced that it will not provide any information about the investigation at this time.
Abuses
The Morning Context news site reported on the abuse of Amazon Indian business. Following this, the US management of Amazon immediately set up a committee on Indian business and started an investigation.
CEO Andy Josie
The whole business is now in Andy’s’ hands, with Jeff Bezos stepping down as CEO of Amazon. Jeff Bezos Bolewe, who is also very interested in Indian trade and the Indian market, immediately ordered an inquiry into the allegations against Andy Josie.
Indian retail market
Capturing the Indian retail market is not an easy task, meanwhile there are many tough competitors, big and small, such as Flipkart, Reliance and Tata. In this case, Amazon management has said it will invest billions of dollars in Indian business.
Export
It also plans to bring more than 1 crore Indian businesses to the digital market in order to export products made in India to countries around the world. And Amazon currently has more than 1, 00, 000 employees in India.
35,575 employees, $ 3.81 billion debt .. New lawsuit against Amazon ..!
35,575 employees, $ 3.81 billion debt .. New lawsuit against Amazon ..!
The High Court has allowed the Singapore Arbitration Tribunal to comply with the Future Group’s case that the injunction is not valid in India. As a result, the deal between Reliance Retail and Future Group was suspended.
The apex court also ruled that the order should not be appealed to the lower court.
In this context, the Kishore Biyani-led Future Group on Saturday filed a fresh petition in the Supreme Court.
In a statement of about 6,000 pages, Future Group said it would face “major damage” if the agreement between Reliance Retail and Future Group was not implemented.
According to the report, about 35,575 employees will lose their jobs if the contract is not implemented on behalf of Kishore Biyani’s Future Group. It also said it would not be able to repay $ 3.81 billion in loans from Indian banks and securities.
The petitioner has therefore filed a petition seeking reconsideration of the judgment accepting this request. But it is predicted that this petition will not bring about a major change.
A few weeks ago, it was reported that Amazon was planning to acquire a $ 2.69 billion debt-ridden Future Group company, as business between Future Group and Reliance Retail was deemed to have failed by a Supreme Court ruling. Shares of Future Group have risen as much as 17 percent today.
But with the new petition currently being filed by Future Group, it seems that there are no favorable prospects for the deal between Amazon and Future Group.
