Business

Future group to hold shareholder, creditors meet on April 20-21

Future Group will convened shareholders and creditors meeting in April to seek their approval for the proposed `24,713-crore deal with Reliance Industries (RIL).

The listed firms including Future Enterprises, Future Retail, Future Consumer, Future Lifestyle Fashions and Future Supply Chain will hold the meetings on April 20 and April 21, according to separate stock exchange filings by the companies. The meetings would be held through videoconferencing and other virtual means.

This follows an order by the National Company Law Tribunal (NCLT) on February 28, following a February 15 Supreme Court order which permitted Future group companies to convene a shareholders and creditors meeting, they added. In 2020, Future Group had signed a deal to sell its retail, logistics and warehousing businesses to Reliance Retail, a subsidiary of billionaire Mukesh Ambani-controlled RIL.

However, the deal is entangled in a legal tussle after US e-commerce major Amazon opposed the scheme, citing the 2019 pact it had entered into with Future. Amazon — which had bought a 49 per cent stake in Future Coupons, the promoter entity of Future Retail, for about Rs 1,500 crore — alleged violation of certain terms in the deal signed in 2019.

Last week, Future Retail said it was committed to getting back the hundreds of stores that were taken over by the Reliance Group and claimed that the “drastic and unilateral action” taken by Reliance had come as a surprise.




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