Future Retail's independent directors want the Amazon deal nixed. In a letter to the CCI, they have accused Amazon of concealing strategic interest in the company and have asked the CCI to revoke approval for Amazon's investment in Future Coupons.

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In an exclusive interview to CNBC-TV18, Ravindra Dhariwal, Independent Director of Future Retail, said the biggest concern is to save the company and ensure that the small shareholders do not lose value.

Also Read: Future Retail takes Reliance deal saga to Supreme Court

He said they have now been told to read the three agreements as inter-connected and that means Amazon without any direct shareholding in Future Retail Limited (FRL) has control over FRL.

"It is now that we have been told that you read the three agreements as inter-connected and that means Amazon without any direct shareholding in Future Retail Limited (FRL) has control over FRL. It also means that the promoters Kishore Biyani and Future Group have to vote in concert with Amazon. So, that means our hands are tied and we cannot look at all the options that are required to save the company."

Also Read: ED seeks documents from Future Group on disputed Amazon deal

Amazon cannot buy the company as rules do not allow it to do so. So the deal with Reliance will protect the lenders, employees and the value that the company has built, he said.

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Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

(Edited by : Thomas Abraham)

First Published:Nov 9, 2021 5:22 PM IST