Future Retail to take steps needed to get back stores from Reliance Group

FR: says its board has strongly objected to such action by RIL and has also put a notice to it to reconsider all other action initiated over the past few days

Kishore Biyani-led Future Retail (FRL) said on Wednesday that it was committed to taking all actions necessary to seek value adjustments and reversal of takeover of stores by the Reliance group.
 

The beleaguered retailer said its board had held two meetings and notified Reliance that such a “drastic and unilateral action” had not only come as a “surprise” to FRL but also complicated the positive scenario, which had started building up after the Competition Commission of India’s order in December in its favour.
 

FRL’s statement came in response to the stock exchanges seeking clarifications over the public notice by Amazon,