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Amazon: Amazon writes to independent directors of Future Retail about ‘financial irregularities’

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Amazon: Amazon writes to independent directors of Future Retail about 'financial irregularities'
NEW DELHI: Amazon has written to the independent directors of Future Retail Ltd (FRL) about “significant financial irregularities” and said it warranted a “thorough and independent investigation” of relevant facts and related party transactions between FRL and other entities of the Futures group.
However, FRL has argued that the US e-commerce major has no place to address the letter, and that Amazon’s communications are “nothing but an afterthought and a counter-reaction” to a show cause announcement by the Competition Commission or India (CCI).
Amazon said in its Nov. 24 letter to the independent directors that FRL has consistently entered into “significant related party transactions” with several Future Group entities, including Future Enterprises Ltd, Future Supply Chain Solutions Ltd, Future 7-India Convenience Limited and others, and that some of these related parties rely heavily on FRL for their business.
“…the members of the audit committee (current and former members) have expressed concerns about FRL’s financial management, including related party transactions, despite significant mobilization of equity and debt funds through December 2019 and January 2020.
“The audit committee also suggested an investigation be conducted by an independent third-party expert to find reasons for the increase in FRL’s debt,” Amazon said in its letter, a copy of which was reviewed by PTI.
Amazon said it is bringing these facts to the attention of independent directors so that they — “in accordance with their legal and fiduciary obligations” — can evaluate and investigate these issues in detail in the best interests of public shareholders, creditors, bankers and third parties. party suppliers of FRL.
When contacted, a Future Group spokesperson noted that Amazon is not a shareholder or creditor of FRL and has no place to address the letter.
“Amazon’s letter is nothing more than a retrospective thought and counter-reaction to CCI’s announcement of the show cause against Amazon in response to Future Coupons Pvt Ltd (FCPL)’s complaint seeking withdrawal of CCI’s approval for Amazon’s investment in FCPL.
“The allegations in Amazon’s letter are made as part of a legal dispute being heard by the Supreme Court, the Supreme Court and other regulatory forums,” the spokesperson added.
The spokesperson further said that FRL’s board has formed a Crisis Management Committee to deal with the situation arising from the Covid-19 lockdown, nationwide store closures and the sale of pledged shares affecting all aspects of the operation of the company. Company.
The spokesperson stated that all related party transactions and data on the use of funds are recorded and are part of the public disclosures made by the company as part of standard governance practices.
“There is nothing new to be brought to the attention, except that false speculations have arisen from selective excerpts from these documents. One must understand the motivation behind these allegations and their timing, rather than relying on these baseless and malicious allegations,” the spokesperson said.
Amazon did not comment on the matter.
Notably, independent directors of FRL sent two letters to the CCI, citing Amazon’s internal communications to submit its “contradictory” statements to courts and the anti-monopoly body, requesting that the nod be revoked. Amazon-Future Coupons Pvt Ltd (FCPL) agreement.
They accused Amazon of providing “completely contradictory information” that “conflicted” with Amazon’s own internal communications regarding the US giant’s 2019 investments in FRL’s promoter company.
The CCI will meet with representatives from Amazon and Future Coupons Pvt Ltd (FCPL) in January next year regarding the matter.
Amazon and Future Group have been battling it out in court after the Kishore Biyani-led group agreed in August last year to sell its assets to billionaire Mukesh Ambani’s Reliance Retail at a setback base of Rs 24,500 crore.
Amazon is objecting to the sale plans, accusing Future Group of violating the 2019 investment pact. Founded in 2008, Future Coupons is engaged in the marketing and distribution of gift cards, loyalty cards and other rewards programs for corporate customers.
Amazon had approached the Singapore International Arbitration Center (SIAC) and Indian courts in this case.
In its letter to the independent directors, Amazon shared data indicating “significant financial irregularities” to the detriment of public shareholders, banks, creditors and third-party suppliers, which warrant a thorough and independent investigation of all relevant facts and related party transactions, including of the past financial years, through an independent agency with a good reputation.
“Given the nature of the disclosures and findings, a careful and detailed investigation should be made by legal authorities/regulators/enforcement agencies, including to inquire and investigate the financial statements and records, including related party transactions and discussions in board and audit committee meetings, in the interest of public shareholders, banks, creditors and outside suppliers,” the letter added.
Amazon said it will work to provide more material, if possible, to assist independent directors and legal authorities in their investigation.
Amazon has also written to CCI requesting that it “act on behalf of the binding injunctions against FRL, FCPL and the Biyanis, in terms of the EA (Emergency Arbitrator) Order and the Order on Vacate Application and the Observation Letters promptly in to pull” .
Last October, the EA issued an interim ruling in favor of Amazon, preventing FRL from taking any steps to dispose of or encumber its assets or issue securities to secure funding from a limited party.

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Weather: West Coast’s SH6, near Harihari, closed due to flooding

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Weather: West Coast's SH6, near Harihari, closed due to flooding
The Wanganui River at Harihari on the west coast.  State Highway 6 near Harihari is closed due to flooding (File photo)

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The Wanganui River at Harihari on the west coast. State Highway 6 near Harihari is closed due to flooding (File photo)

State Highway 6 on the west coast has been closed at Harihari due to flooding, as a cold spell engulfing the country is causing heavy downpours in many areas.

MetService issued a series of warnings and warnings for heavy rain on Sunday, as well as a severe thunderstorm for Canterbury.

At around 3pm, police and Waka Kotahi NZ Transport Agency confirmed that State Highway 6, near Harihari, was closed due to flooding. Motorists are advised to avoid the area, which is approximately halfway between Hokitika and Franz Josef.

A cold front is expected to move northward across the South Island on Sunday and into the lower North Island on Monday, where it will move slowly, MetService says.

Ahead of this front is a humid northern airflow that will bring heavy rainfall to parts of central and southern areas. This is then followed by a cooler southerly flow which can also cause heavy rain in places, MetService says:.

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The main areas that can see rain are parts of the west coast and northern areas of the South Island, and lower parts of the North Island, which extend as far as Mount Taranaki. While Canterbury also expect thunderstorms on Sunday.

Heavy rain is on the way to much of western and central New Zealand on Sunday and Monday.  (File photo)

MONIQUE FORD/Things

Heavy rain is on the way to much of western and central New Zealand on Sunday and Monday. (File photo)

Thunderstorms are coming

AN watching a storm is in place for the Canterbury Plains and Canterbury Uplands on Sunday afternoons, between 3pm and 8pm.

Thunderstorms in parts of Canterbury are expected during the afternoon and evening, with heavy local rain and strong winds between 90 km/h and 110 km/h.

The national forecaster says there is a moderate risk of severe thunderstorms south of Rakaia, with the possibility of damaging winds in excess of 110 km/h, as well as the risk of a small localized tornado.

Gusts of this strength can cause structural damage, including trees and power lines, and make driving dangerous. If tornadoes do occur, they will only affect highly localized areas, MetService says.

WithService

Sunday and Monday there will be a change to cooler weather to all places south of Taupō, but further north, warm and humid weather will continue.

Heavy rain warnings in place

Heavy rain warnings are in effect for Mount Taranaki and the Tararua Range from 9:00 PM Sunday to midnight Monday. Between 120 and 180 mm of rain is expected in these areas, especially on Monday morning.

Also for the Westland, between Otira and Haast, a warning for heavy rain applies all Sunday and until 8 p.m. Between 120mm and 180mm of rain is expected to fall across the ranges on top of what has already fallen, bringing rain totals for the event to 400mm – 500mm or possibly more, MetService said. Coastal areas can expect an additional 60 to 90 mm of rain.

A further warning is in effect for the headwaters of Canterbury’s lakes and rivers around and south of Arthur’s Pass all Sunday until 8pm. An additional 100 to 150mm of rain is expected around the canyon and 50 to 70mm within 15km east of the canyon.

Heavy rain is forecast for central New Zealand on Sunday (file photo).

MARTIN DE RUYTER/Things

Heavy rain is forecast for central New Zealand on Sunday (file photo).

Where the heavy rain watches are

Some rain is set to fall at the top of the South Island, with heavy rain forecast for Tasman, west of Motueka, between 4pm Sunday and 3am Monday.

There is another watch for the Richmond and Bryant ranges, including the Rai Valley and the northern parts of the Marlborough Sounds, between 6pm Sunday and 11am Monday.

There is a watch for Buller all Sunday, until midnight.

Wellington and Wairarapa, south of approximately Greytown, can expect some possible heavy rain Monday morning. There is a watch on Monday between 3:00 AM and 9:00 AM.

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Live Score: 2021 AAC Championship Match

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UH sophomore receiver Nathaniel Dell warms up ahead of the Cougars


UH sophomore receiver Nathaniel Dell warms up for the Cougars' showdown against Cincinnati in the AAC Championship Game.  |  Sean Thomas/The Cougar

UH sophomore receiver Nathaniel Dell warms up for the Cougars’ showdown against Cincinnati in the AAC Championship Game. | Sean Thomas/The Cougar

No. 21 Houston and No. 4 Cincinnati will face each other in the 2021 American Athletic Conference Championship Game on Saturday afternoon at Nippert Stadium in Cincinnati, Ohio.

Follow our live score updates during the game:

Final: Houston 20, Cincinnati 35

Cincinnati closed the game and won the AAC Championship for the second consecutive season.

Ford was the highlight of the night for the Bearcats as he amassed 187 yards on 18 rushes and two touchdowns, while Knight finished the game with 11 completions for 190 yards and three touchdowns.

Tune finished the game with 17 completions for 250 yards and two touchdowns with one interception, while Dell registered nine receptions for 152 yards and one touchdown.

Fourth Quarter (6:06): Houston 20, Cincinnati 35

After going scoreless in the third quarter and first half of the fourth quarter, the Cougars came back on the scoreboard with a 13-play, 90-yard drive capped by a 7-yard touchdown pass from Tune to senior wide receiver Jake. Herslow to narrow the deficit to 35-20 with 6:06 left in the game.

Third Quarter (7:38): Houston 13, Cincinnati 35

After forcing the Cougars to pedal, the Bearcats kept their foot on the pedal and scored on the third play of the drive when Ford broke out on a 42-yard touchdown rush for Cincinnati’s third touchdown in the last five minutes to to place the Bearcats. to 35-13.

Ford’s second touchdown marked his fifth multi-score game of the season and the first since his four-touchdown appearance against UCF.

Third Quarter (11:04): Houston 13, Cincinnati 28

After Tune was intercepted deep in UH ​​territory by graduate linebacker Joel Dublanko, Cincinnati capitalized 58 seconds after the final score when Ridder hit senior wide receiver Alec Pierce for a 21-yard touchdown pass to extend the lead to 28-13.

Pierce has now caught a touchdown in each of his last three games and has eight on the season.

Third Quarter (12:02): Houston 13, Cincinnati 21

After no scores between the two teams in the final 14:38 of playing time, the Bearcats took the first score of the second half when Ridder found senior tight end Leonard Taylor on an 8-yard touchdown pass to extend their lead to 21- 13 .

Taylor’s touchdown reception is his fourth of the season and his second in back-to-back games.

Second Quarter (11:40 AM): Houston 13, Cincinnati 14

After UH drove into enemy territory with as many possessions for the third time, the Cougars settled on a 46-yard field goal from Witherspoon to narrow the deficit to 14-13.

First Quarter (4:06): Houston 10, Cincinnati 14

On the first game after the UH score, Cincinnati came right back 17 seconds later when junior running back Jerome Ford was released on a 79-yard touchdown run for a Bearcats 14-10 lead.

The scoring game was the seventh time this season where Cincinnati scored on the first game of a drive.

Ford’s score matched his longest run of the season and was his 18th touchdown this year for the Bearcats.

First Quarter (4:23): Houston 10, Cincinnati 7

After bringing his first offensive possession to a halt, UH found the endzone on its next drive when junior quarterback Clayton Tune found sophomore wide receiver Nathaniel Dell in the center on a 16-yard touchdown pass to regain the lead at 10-7 .

Dell now has 12 receiving touchdowns on the season.

First Quarter (9:38): Houston 3, Cincinnati 7

Cincinnati’s response was immediate as it stormed 82 yards through the field in five plays, finishing the drive with a 25-yard touchdown pass from senior quarterback Desmond Ridder to sophomore wide receiver Tyler Scott for the Bearcats’ first game lead.

The score was Scott’s fifth touchdown of the season.

First Quarter (11:55): Houston 3, Cincinnati 0

On UH’s first possession of the game, the Cougars capped off a seven-play, 50-yard drive with a 37-yard field goal by senior kicker Dalton Witherspoon to put the Cougars first on the board with a 3-0 lead.

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Keywords: 2021 AAC Championship Game, 2021 UH Football, Cincinnati Bearcats


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Violent Crime Wave in LA, Jacqueline Avant Kills Result of Liberal Reforms: Critics

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Violent Crime Wave in LA, Jacqueline Avant Kills Result of Liberal Reforms: Critics

A day after a career criminal was arrested in the fatal shooting of philanthropist Jacqueline Avant in the lavish Beverly Hills home she shared with her husband Clarence, a 90-year-old music producer who was inducted into the Rock & Roll Hall of Fame this year, her family released a statement that read, in part, “Now let justice be done.”

But in Los Angeles, where left-wing lawmakers and activists have enacted a litany of progressive reforms that help violent criminals spend less time behind bars, justice isn’t just fleeting — it’s twisted, critics say.

“It’s not visible here,” LAPD-det said. Jamie McBride, a director of the Los Angeles Police Protective League, a police union. “Burken are being released faster than we can finish the paperwork, and that’s just the tip of the iceberg.”

The Avants — whose daughter Nicole is a former ambassador to the Bahamas and married to Netflix CEO Ted Sarandos — have lived comfortably for decades in their sprawling 4,000-square-foot, $7 million home in the upscale Trousdale Estates neighborhood, said friends.

A security guard stands outside a Nordstrom store in Los Angeles, where police say a group of thieves smashed windows of the department store on Nov. 23.
A security guard stands outside a Nordstrom store in Los Angeles, where police say a group of thieves smashed windows of the department store on Nov. 23.
AP / Eugene Garcia

But the elderly couple’s quiet life was turned upside down around 2:23 a.m. Wednesday when police said career criminal Aariel Maynor broke into their home and fatally shot Jacqueline Avant, 81. Clarence Avant was at home but was not injured.

The couple also employed a security guard, who was shot at by the suspect but not injured in any way, according to Beverly Hills Police Chief Mark Stainbrook.

The Avants hired the guard to protect them from a different type of LA invader — fans of the recent Netflix documentary about Avant called the “Black Godfather” who passed by the house uninvited, he said.

Music Executive Clarence Avant and his wife Jacqueline Avant attend a ceremony honoring him with a star on the Hollywood Walk of Fame.
Jacqueline Avant was recently murdered in her home by career criminal Aariel Maynor.
Getty Images / Matt Winkelmeyer

The alleged Avant killer was arrested Thursday in the murder of Jacqueline Avant after he was caught in another botched robbery in nearby Hollywood, shooting himself in the foot.

Maynor, who is currently under armed guard in hospital, was violating his parole at the time of his arrest and “it didn’t sound like he was reporting to his parole officer at all,” Stainbrook said. Police say he will be charged Monday.

The 29-year-old was no stranger to the criminal justice system, data shows. In 2013, according to the California Department of Corrections and Rehabilitation, he was sentenced to five years in prison for second-degree robbery and bodily harm.

And he recently served a four-year sentence for second-degree robbery with improvements for a previous offense and was released on parole on September 1.

Man handcuffed to stretcher.
Aariel Maynor, who was charged with the murder of Jacqueline Avant, was caught nearby about an hour after the shooting.
Keynews.tv/TMX

“With this man’s history, with his previous prison terms, he should definitely still have been in prison,” McBride said. He should have been given a longer sentence. For his criminal record and the violent crimes he has been involved in, he should never have been offered a plea deal.”

Police still don’t know if anything was taken from the Avant home, authorities said. The suspect then drove to a house in Hollywood home to a father and his 17-year-old daughter, Stainbrook said.

The suspect allegedly took things from the house before shooting himself in the foot in the backyard, prompting someone to call the police, Stainbrook added.

EXCLUSIVE: Crime scene photos of broken window and detectives at the home of the murder of Clarence Avant's wife.
Broken glass seen outside the Avants’ home after the shooting.
APEX / MEGA

Stainbrook, McBride and others say liberal justice reform policies, spurred by groups like Black Lives Matter and California Democratic Governor Gavin Newsom, have made it increasingly difficult for police to do their jobs.

“The criminals know they can do whatever they want,” Stainbrook told The Post. “Then multiply that by all the inmates who have been released from prison because of the coronavirus and bail and it’s a nightmare and very frustrating on our part of it.”

Many blame the recent spike in crime across the state, including a spate of looting, on criminal justice reforms, including Proposition 47, a 2014 law designed to keep non-violent criminals out of overcrowded prisons. and treat low-level criminals with more compassion. The law doubled the amount a suspect could steal to be considered a felony from $450 to $950.

Police tape blocks the intersection of Mayor Place and Barrie Drive in the Trousdale Estates section of Beverly Hills.
“It’s not visible here,” LAPD-det said. Jamie McBride. “Burken are being released faster than we can finish the paperwork, and that’s just the tip of the iceberg.”
AP / Chris Pizzello

Activist groups, along with celebrities such as Brad Pitt, John Legend and Jay Z, famously supported the reform, arguing that African Americans had been unfairly targeted for years and that the measure would help the state save tens of millions in incarceration costs for small children. criminals.

The reform was backed by Newsom, then-Lieutenant Governor of California, along with LA Attorney General George Gascon, and other Democrats.

“Proposition 47 has supported criminals because they know that if they are caught stealing, the consequences will be minimal,” said Mark Powell, a former reserve police officer in San Diego, in a recent op-ed in the San Diego times.

McBride said in recent weeks he has caught many suspects entering the prices of stolen items into their phone calculators to pay no more than $950 for a one-time robbery.

Los Angeles Mayor Eric Garcetti speaks outside the Los Angeles Police Department.
Los Angeles Mayor Eric Garcetti speaks outside the Los Angeles Police Department.
AP / Jae C. Hong

“You can essentially walk into a store here, grab up to $1,000 worth of items, walk out, get a ticket and be released,” Stainbrook said. “We keep arresting the same people.”

Last year’s election of 40-year-old top agent Gascon, 67, to the position of LA District Attorney was the icing on the cake, some say. Like the prosecutors elected in Boston, Philadelphia, Baltimore, Chicago and Fairfax County, Virginia in recent years, Gascon was backed in part by left-wing billionaire George Soros.

Cuban-born Gascon, who moved to the US with his family in 1967, delivered a inaugural address in December 2020, in which he sounded more like a social justice activist than a law enforcement officer.

“Our rush to incarcerate generations of children of color,” he said in his speech, “has torn the social fabric of our communities. The status quo has not made us safe.”

Avant’s home invasion is far from an isolated incident in LA’s wealthy showbiz enclaves.

Last month, BET host Terrence Jenkins was gunned down near his home in Sherman Oaks. In October, robbers made off with about $1 million in jewelry stolen from the “Real Housewives of Beverly Hills” home mainstay Dorit Kemsley.

Surveillance video of two men leaving the property with stolen goods.
Police are seeking the public’s help in identifying the suspects who robbed Dorit Kemsley at her home in Encino on Oct. 27.
LAPD

On Friday, Avant’s neighbor in Trousdale Estates, nestled in the foothills of the Santa Monica Mountains, told of other violent incidents in the area.

“Today there was another incident on Bedford Drive,” said Vida Ardebilchi in an interview. “Someone entered the house at 7 am and got stuck in a room. The SWAT team was called and then he [the intruder] slit his wrists when he realized he couldn’t get out. He slit his wrists and died in the house. There was another incident where a man was attacked on Sunset Strip and shot in the head for his Rolex watch.

Ardebilchi said community members now want to build gates for their street and hire more private security.

A security guard was attacked when a group of suspects fled with goods worth an estimated $25,000 during a robbery of the Nordstrom store at Westfield Topanga shopping center Wednesday.
A security guard was attacked when a group of looters fled a Nordstrom store in LA with $25,000 worth of merchandise.
abc7

Trousdale Estates does not have a security gate like some of the newer ultra-wealthy gated communities in the area. Police sources told The Post that Maynor could have entered the neighborhood without being stopped by guards.

“It’s disappointing and the government’s fault.” Ardebilchi continued. “We all say it’s terrible and no one is doing anything about it. I no longer feel safe in our neighborhood.”

Friends of Avant, a former Queens model, were shocked by her death in what is considered one of the safest and wealthiest parts of Los Angeles.

Former UN ambassador Andrew Young, a longtime friend of the couple, said in an interview.

“I have been tormented about what happened, how it happened, what the meaning of it all is. Jacqui and Clarence had a guard at the gate. I wonder how it could have happened. This is a great mystery. They had no enemies in the city. Everyone loved Clarence and Jacqui.”

Aariel Maynor mugshot
Aariel Maynor is accused of shooting and murdering Jacqueline Avant.
California Department of Corrections

And criminals love Beverly Hills.

“It’s a bigger target,” McBride said. “We’re arresting these crooks, but they won’t stay in jail. If they know it’s a property crime, they think nothing will happen to them. So why not go for the big bucks in Beverly Hills?” In recent years, the LAPD had to set up a special unit for home invasions in the enclave, he said.

“People are followed home and then robbed,” McBride told The Post. “The only thing missing from LA is Kurt Russell driving in with an eye patch, like in ‘Escape From New York’. It all goes back to our liberal politics.”

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