According to a report in Business Standard, the All India Garment Manufacturers & Vendors Association (AIGMVA) has demanded payment from Kishore Biyani, owner of the Future Group, for the Rs 200 crore that has been owing to its members since 2019.
The 350-member AIGMVA, which has members in several Indian states, has threatened legal action if the corporation doesn’t pay its debts.
For the manufacturers and vendors of clothing, the nonpayment has resulted in serious problems. The banks are harassing the manufacturers and suppliers for defaulting and refusing to grant new loans, which forced many to take out bank loans to fulfil Future Group’s demands. According to Future Group, more than 100,000 individuals, including their families and other stakeholders, are on the edge of going hungry and losing their jobs.