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Future Retail guilty of financial irregularities, Amazon says

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US e-commerce giant Amazon has written to the independent directors of Future Retail Limited (FRL), including Gagan Singh, Ravindra Dhariwal and Jacob Mathew, and its audit committee, providing details and alleging significant financial irregularities to the detriment of the public shareholders, banks, creditors and external suppliers. Amazon has said this warrants a thorough and independent investigation of all relevant facts and related party transactions, including past fiscal years, by an independent agency.

Separately, Amazon has written to the Chairman of the Securities and Exchange Board of India, Ajay Tyagi, requesting the withdrawal of the conditional regulatory approval granted to FRL in respect of the merger agreement between the Futures group and reliance. The letter was also sent to top officials of the exchanges.

Amazon’s letter to the independent directors of FRL, dated November 24, stating: Business Standard has been granted access, states: “Given the nature of the disclosure and findings, a careful and detailed investigation should be made by legal authorities/regulators/enforcement agencies, including to examine and investigate the financial statements and records, including transactions and discussions with related parties. in meetings of the board of directors and audit committees, in the interest of public shareholders, banks, creditors and external suppliers.”

Amazon is fighting a legal battle with FRL to stop the Kishore Biyani-led retailer’s $3.4 billion deal with Reliance Industries Limited (RIL).

“A naked review of FRL’s publicly available financial statements, including the latest financial data for FY 2020-202… reveals, on the face of it, that harm may have been done to FRL’s public shareholders, banks, creditors and outside suppliers. Amazon says in the letter.

It said similar concerns had also been discussed at the FRL audit committee meeting on March 23, 2020. The committee had noted a sudden increase in debt from February 2020 to March 23, 2020.

“Committee members have expressed serious concern over the deteriorating financial position, despite several equity and debt fund mobilizations concluded in December ’19 and March ’20 quarters and asked Committee members for a detailed explanation of all major transactions undertaken by the Company. ‘ the letter read.

ALSO READ: Amazon’s letter is nothing but an afterthought, says Future group

Amazon said FRL has consistently entered into “significant related party transactions” with several Future Group entities, including Future Enterprises Limited, Future Supply Chain Solutions Limited, Future Consumer Limited, Future Corporate Resources Private Limited, Future Lifestyle Fashions Limited and others. Some of these related parties rely heavily on FRL for their business.

“Amazon is bringing these facts to the attention of its independent directors so that such directors, in accordance with their legal and fiduciary obligations, may evaluate and investigate these issues… in the best interests of FRL’s public shareholders, creditors, bankers and outside suppliers, ‘ the letter said.

It added that FRL and several related parties were in the process of implementing a composite scheme. This will lead, among other things, to the dissolution of FRL and the final divestment of its business, the company said.

Before proceeding with the composite scheme, these issues must be thoroughly investigated by an independent agency so that FRL’s public stakeholders and other companies understand FRL’s true financial position, Amazon said.

During the four fiscal years leading up to FY 2019-2020, Amazon said FRL generated significant cash flows from operations (before working capital changes) to fund normal capital expenditures and working capital requirements. FRL’s balance sheet as of March 31, 2019 reflected a robust financial position amid positive growth prospects for organized retail in India.

In FY 2019-2020, FRL raised debt and equity of approximately Rs 8000 crore and was able to generate additional buffer money of approximately Rs 1900 crore by deferring payments to creditors.


AMAZON’S CONSTRUCTION

  • FRL has consistently entered into significant related party transactions with various entities of the Future Group, some of which rely primarily on FRL for their business
  • FRL generated cash buffer by deferring payments to third party creditors, possibly to pay related parties first

In the same fiscal year, FRL raised significant debt of nearly Rs 6000 crore, increasing net debt from about Rs 2,554 crore to about Rs 8,762 crore in just one year. Amazon pointed out that FRL’s equity grew from 0.6 to 2.01 within a year.

It also alleged that FRL appears to have generated a cash buffer by deferring payments to third party creditors. This may have been done for the purpose of making related party payments rather than repayment of monies owed to third party creditors/vendors.

“A review of FRL’s financial statements shows that the funds raised in FY 2019-2020 were primarily used for extraordinary outflows. This included payments for deposits, advances to suppliers and purchase of retail infrastructure from related parties,” it claimed. “All of this happened during the onset of the Covid-19 pandemic in India, which resulted in the imposition of nationwide lockdown restrictions, and that too at a time when most, if not all, businesses were saving money.”

Amazon said it will work to provide more material to assist independent directors and legal authorities in their investigation.

In August 2019, Amazon acquired a 49 percent stake in Future Coupons, Future Retail’s promoter entity, for approximately Rs 1,500 crore. According to sources, Future Group founder Kishore Biyani met with the Chairman of the Competition Commission of India (CCI) in November 2019 to explain the structure of the deal between Future and Amazon. The deal was approved after the meeting.

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Cold Saturday evening, Sunday there will be rain with higher temps

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Cold Saturday evening, Sunday there will be rain with higher temps

DETROIT – Welcome to Saturday night, Motown.

It will get colder on Saturday evening and colder on Saturday night with increasing clouds. Those gray skies will bring rain on Sunday afternoon. On Sunday, temperatures continue to rise even after the sun sets. After that, the beginning and middle of next week will be colder.

Saturday evening there is a radiant sky. It is getting colder with temperatures in the low and mid 30s.

Saturday night the clouds are slowly returning. Under increasing tall, thin clouds, it gets colder with nighttime lows in the 1920s.

It will be cloudy on Sunday with more precipitation. Higher temperatures are also caused by a warm front. So a short winter mix is ​​possible with temperatures around mid-morning freezing. Any frozen precipitation will dissipate, paving the way for rain on Sunday afternoon and evening. Temperatures rise through the 1930s and 40s to nearly 50 degrees when it is dark.

A cold front will arrive on Sunday night and Monday. As a result, temperatures for Monday and early next week will drop significantly.

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Monday will be variable sunny to mostly cloudy and colder. Morning temperatures will be around 20 degrees and afternoon temperatures will be around 40 degrees.

Scattered snow showers are possible Tuesday, with maximums around 30 degrees.

Chance of snow Wednesday morning. The afternoon will be chilly with maximums of mid to over 30s.

Don’t forget to download the FREE Local4Casters weather app — it’s easily one of the best in the nation. Just search your app store under WDIV and it’s available there for both iPhones and Androids! Or click on the appropriate link below:

Copyright 2021 by WDIV ClickOnDetroit – All rights reserved.

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UFC Fight Night Rob Font vs. Jose Aldo

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UFC Fight Night Rob Font vs.  Jose Aldo

Jose Aldo is already arguably the greatest featherweight fighter in MMA history. In the past two years, he has shifted his focus to the UFC Bantamweight title. Aldo takes on Rob Font at the main event of UFC Fight Night on Saturday in Las Vegas. The winner will position themselves next year for a title shot or a title eliminator in the 135-pound division.

ESPN ranks Font No. 5 and Aldo No. 6 in the world at bantamweight. The title photo is a bit messy. Aljamain Sterling is the champion and Petr Yan, the former champion, holds the interim title. Sterling vs. Yan is likely next as they try to unify the titles after Sterling took over the title from Yan by DQ following an illegal knee. But that fight has already been postponed once, due to Sterling’s injuries. The winner of Font vs. Aldo could be next after that fight, especially if former champion TJ Dillashaw is still recovering from knee surgery.

Font (19-4) has won four in a row – most recently a unanimous decision over former bantamweight champion Cody Garbrandt. Font, fighting from Massachusetts, hasn’t lost since 2018. Font, 34, holds a 9-3 UFC record and looks better than ever since returning from knee surgery last year.

Aldo (30-7) held the UFC/WEC featherweight title for parts of six years, including seven title defenses, a division record. The Brazilian went back to bantamweight in 2019. He lost his first two fights at 135, also in a title fight for the vacant title against Yan. But Aldo, 35, has taken two straight wins and looked good in wins against contenders Pedro Munhoz and Marlon Vera.

In the co-main event, Brad Riddell takes on Rafael Fiziev in a battle between two of the most exciting emerging lightweights on the UFC roster. Riddell (10-1), a 30-year-old from New Zealand, is 4-0 in his UFC career. Fiziev (10-1), a 28-year-old from Kazakhstan, has won four in a row.

Also on the card, the tough Clay Guida takes on the wily Leonardo Santos in a lightweight fight, light-heavyweight prospects Jimmy Crute and Jamahal Hill go up against prospect Brendan Allen veteran Chris Curtis, who is fresh off his first win. in the UFC.

Follow live how Brett Okamoto, Marc Raimondi and Jeff Wagenheim sum up the action or watch the fights on ESPN+.


Fight On-going: Strawweight: Cheyanne Vlismas (6-2, 1-1 UFC; -190) vs. Mallory Martin (7-4, 1-2 UFC; +160)

Light Heavyweight: Defeats William Knight (11-2, 3-1 UFC). Alonzo Menifield (11-3, 4-3 UFC) by unanimous decision

Knight’s coaches may want to invest in some of those blocks that officials at the cage use to signal that there are only 10 seconds left in a round. Because every time Knight heard that noise, he increased the aggression — and in two of the three rounds, he did damage. That was enough for him to win the unanimous decision over Menifield as all three judges made it 29-28 in Knight’s favour.

Knight, 33, of East Hartford, Connecticut, didn’t do much during the first 4½ minutes of the fight, but in the closing seconds of round 1 he seriously hurt Menifield. The Dallas fighter bounced back well in round 2, before getting caught late. And on the final lap, Menifield controlled a seemingly endless clinch against the cage before Knight finally got away, with just enough time for Knight to turn up the heat again and secure his second straight win.

Menifield, 34, saw a winning streak of two fights come to an end.

Lightweight: Defeats Claudio Puelles (12-2, 4-1 UFC). Chris Gruetzemacher (15-5, 3-4 UFC) by third round submission (knee bar)

Gruetzemacher has the wrestling instincts to dictate where a fight will take place, but he was constantly playing with fire by taking part in a wrestling match against Puelles – and it eventually caught up with Gruetzemacher. Puelles was locked in a knee bar with less than two minutes left in the fight, then was tapped at 3:25 of round 3.

Puelles, a 25-year-old Peruvian fighter training at Sanford MMA in South Florida, got the fight on the canvas early on and controlled the action. But Gruetzemacher did not hesitate to return to the mat in the second and third rounds. Although he escaped trouble a few times, Gruetzemacher eventually paid the price.

It was Puelles’ fourth win in a row. Gruetzemacher, 35, of Arizona, has dropped two of his last three bouts and four of six.

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Vince Morales stuns Louis Smolka with an incredible right hand early in their fight.

Men’s Bantamweight: Vince Morales (11-5, 3-3 UFC) Def. Louis Smolka (17-8, 8-8 UFC) by KO . in the first round

Morales found himself in a clinch midway through the first lap in Saturday’s opening night, and as he pulled away, that didn’t soften his attack. The 31-year-old from Oregon released a right hand from tight and sent Smolka crashing to the canvas.

The end came at 2:02 of the round, giving Morales his second win in a row.

Smolka, a 30-year-old Hawaiian fighter training out of Irvine, California, has lost two of his last three.


Is yet to come:

Men’s Bantamweight: Rob Font vs. Jose Aldo
Lightweight: Brad Riddell vs. Rafael Fizievi
Lightweight: Clay Guida vs. Leonardo Santos
Light Heavyweight: Jimmy Crute vs. Jamahal Hill
Middleweight: Brendan Allen vs. Chris Curtis
Welterweight: Alex Morono vs. Mickey Gallo
Welterweight: Bryan Barberena vs. Darian Weeks
Men’s Flyweight: Manel Kape vs. Zhalgas Zhumagulov
Middleweight: Maki Pitolo vs. Dusko Todorovic

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Assam Lottery Results Today 5:00 PM

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Assam is known for its tea plantations, rich wildlife and silk production. It is also famous for its lotteries. Lotteries are a great way for people to try their luck and win a huge amount of money. With the lottery buzz in the country increasing, people should be aware of the fact that there are various illegal lotteries online and offline. There was a time when lotteries were completely banned in India. Now, however, times have changed and the Supreme Court has authorized 13 states to hold legal lotteries. The state of Assam is one such state where drawing a lottery is legal.

Assam State Lottery Results for October 24 | Results ‘Singam Green Lottery’ announced at 5pm; 1st Prize at ₹10 Lakhs

The government of Assam controls the operating system. The 12 other states that organize legal lotteries are Goa, Maharashtra, Kerala, Madhya Pradesh, Punjab, West Bengal, Arunachal Pradesh, Meghalaya, Manipur, Sikkim, Nagaland and Mizoram. The Assam Lottery consists of three results that are published daily.

The results of the Assam Future Lottery will be announced at 12 noon.

The results of the Assam Singam Lottery will be announced at 5:00 PM.

The results of the Assam Kuil Lottery will be announced at 8 p.m.

The Assam Lottery will be held at PWD-IB Complex, Tengapara, Kokrajhar, Assam 783370. The results of the ‘Singam Green Lottery’ will be announced at 5:00 PM on the official website http://assamlotteries.com/. The first prize for the Singam Green Lottery is ₹10 lakhs. The ticket costs ₹10. Several other prizes and categories are as follows:

ASSAM SINGAM GREEN LOTTERY RESULTS – 5pm

1st Prize – ₹15 Lakhs (one person)

2nd Prize – ₹20,000 (ten people)

3rd Prize – 2,000 (ten people)

4th Prize – 1,000 (ten people)

5th Prize – ₹250 (ten people)

ASSAM FUTURE LOTTERY – 12 HOURS

1st Prize – ₹10 Lakhs (one person)

2nd Prize – 10,000 (ten people)

3rd Prize – 1,000 (ten people)

4th Prize – ₹500 (ten people)

5th Prize – ₹200 (ten people)

ASSAM PIT LOTTERY – 8pm

1st Prize – ₹10 Lakhs

2nd Prize – ₹10,000

3rd Prize – ₹1,000

4th Prize – ₹500

5th Prize – 200

The Assam Lottery is organized and regulated by the state recognized authority, ‘Bodoland Territorial Council (Assam)’. The ‘Claim Forms’ can be derived from the official website http://assamlotteries.com/. The information must be entered in capital letters. The winner may also be required to enclose a valid photo ID with this form. The forms must be submitted within 30 days of the declaration of results.

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