Future Retail's (FRL's) independent directors have written a second letter to the Competition Commission of India (CCI), stating American e-commerce major Amazon never intended to invest in Future Coupons (FCPL) and the representations made by the US e-commerce player were completely opposite and contradictory to their own internal correspondences as submitted before courts. The directors also wrote to CCI that Amazon has obtained approval by making deliberate misrepresentations. By actively misleading the CCI and the regulator, it has to revoke the approval granted for Amazon's investment in FCPL.
How both brokers and NSEL misled the investors.
Reliance had been trying to bring the brand back to the forefront recently, after years of lull, through new ad campaigns highlighting a youthful range, called Unformal, in workwear.
Raymond claims to be spending more than 10 per cent of its ad budget on its biggest campaign, called The Summer of Wool.
It reverses the supply chain to customise part of its line-up, but the challenge is in sustaining it.
Consumer sentiment seen better than last year's
Directors that are shareholders will also face more problems.
At nine-month high, current prices attractive; consumers want to cash in before a correction
The order, which came on Monday, stated that revenue authorities cannot split the agreement when the parties to the agreement considered the royalty and technical knowhow as a single package.
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