Wait gets longer for lenders to Future
4 years, 2 months ago

Wait gets longer for lenders to Future

Live Mint  

Lenders to Future group may see $3 billion worth of loans turning sour because of a delay in the sale of the Kishore Biyani-led group’s assets to Reliance Industries Ltd after Amazon.com Inc. dragged its Indian partner to a Singapore arbitration court to halt the deal. While Future group firms owe close to ₹16,000 crore to a clutch of banks and debt mutual funds, Future group founder Biyani owes an additional ₹11,000 crore to several lenders. Amazon has cited a clause in the company’s 2019 investment pact in Future Coupons Ltd that specifically bars the Future group from forging a pact with Reliance Industries, Mint reported on 16 October. The Future group also owes mutual funds that had invested in securities sold by group entities, including Rivaaz Trade Ventures, NuFuture Digital India and Future Ideas Co. Reliance Retail Ventures Ltd, a unit of India’s most valuable firm, on 29 August announced it would acquire Future Enterprises Ltd for ₹24,713 crore.

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History of this topic

‘Future promoters eroded ₹60,000 cr of public wealth’
1 year, 10 months ago

‘Future promoters eroded ₹60,000 cr of public wealth’

Live Mint  

Mumbai: InGovern Research Services, a proxy advisory firm, on Wednesday approached the Securities and Exchange Board of India seeking a forensic investigation of Future Group, which ran the erstwhile BigBazaar retail chain. In its letter to Sebi chief Madhabi Puri Buch, InGovern said a greater regulatory scrutiny is needed by the market regulator and the Reserve Bank of India as …

Bank Of India V Future Retail: NCLT Mumbai Reserves Order On Amazon's Intervention Application
2 years, 5 months ago

Bank Of India V Future Retail: NCLT Mumbai Reserves Order On Amazon's Intervention Application

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising of Justice P.N. Deshmukh and Shri Shyam Babu Gautam, while adjudicating an intervention application filed by Amazon in Bank of India v Future Retail Ltd., has vide an order dated 27.06.2022 reserved the matter for orders on the intervention application. Brief introduction Future Retail Ltd. is the flagship company of the Kishore …

Banks to take Future to debt recovery tribunal
2 years, 9 months ago

Banks to take Future to debt recovery tribunal

Live Mint  

MUMBAI : Lenders to Future Retail Ltd have abandoned plans to sue the company for the unapproved transfer of hundreds of its stores to Reliance Retail, two bankers aware of the plans said, adding that they will enforce their rights through the debt recovery tribunal and bankruptcy tribunal instead. The bankers cited above said procedures to take Future Retail to …

Lenders to Future Retail call for its assets to be put up for auction
2 years, 10 months ago

Lenders to Future Retail call for its assets to be put up for auction

Live Mint  

Lenders to Future Retail, the company being fought over by Reliance Industries and Amazon.com Inc, have told India's Supreme Court that its assets should be put up for auction after it missed payments. "Let it be subjected to an open bid.This is the only solution," Rakesh Dwivedi, a lawyer acting for 30 or so of Future's lenders, told the Supreme …

Banks act against Future Retail for missing payments
2 years, 10 months ago

Banks act against Future Retail for missing payments

Live Mint  

Lenders to India's Future Retail have started classifying loans to the retailer as a "non-performing asset" after the company missed payments to the banks, they told the country's Supreme Court in a filing seen by Reuters. Citing its dispute with Amazon, Future last month challenged its lenders in the top court to avoid facing insolvency proceedings or being classified as …

In latest twist, India’s Future Group challenges lenders in court
2 years, 10 months ago

In latest twist, India’s Future Group challenges lenders in court

Al Jazeera  

It’s asking India’s top court to order its lenders and central bank to give it more time, not classify it as a defaulter. Indian retailer Future Group is challenging its lenders in the Supreme Court to avoid facing insolvency proceedings over missing payments, citing its dispute with partner Amazon.com Inc, according to a legal filing reviewed by Reuters. Future, the …

'Future Retail Will Sink With 30,000 Employees If Reliance Deal Doesn't Get Through' : Future Group Lawyers To Supreme Court In Case Against Amazon
2 years, 11 months ago

'Future Retail Will Sink With 30,000 Employees If Reliance Deal Doesn't Get Through' : Future Group Lawyers To Supreme Court In Case Against Amazon

Live Law  

In the Amazon-Future case, the Future Group on Tuesday submitted before the Supreme Court that being in a financially precarious situation, Future Retail Ltd will "sink with 30,000 employees losing their jobs" if the Rs 26,000 crores deal with the Reliance doesn't go through.Both FRL and Future Coupons Pvt Ltd argued that FRL should be allowed to go forward with …

Future Group creditors scramble to recover $2.5 billion loans
3 years, 10 months ago

Future Group creditors scramble to recover $2.5 billion loans

Hindustan Times  

Future Group's creditors are exploring options to recover more than $2.5 billion in loans, amid worries the Indian retailer's planned sale of assets to Reliance Industries could fail, four bankers with knowledge of the matter said. Future may face liquidation if the deal, already mired in legal wrangling, falls through and banks are actively discussing an alternate one-time restructuring option …

Setback for Future Group as Delhi HC halts RIL deal
3 years, 10 months ago

Setback for Future Group as Delhi HC halts RIL deal

Hindustan Times  

The Delhi high court on Tuesday put the brakes on Future Retail Ltd’s $3.4 billion sale of its retail assets to Reliance Industries Ltd, acting on a petition by Amazon.com Inc, which has alleged that the deal was in violation of its own contract with Future. In an interim order, the court directed Future Retail to maintain status quo on …

Reliance Future Group deal: Amazon gets Indian court to block $3.3 billion retail deal involving Mukesh Ambani
3 years, 10 months ago

Reliance Future Group deal: Amazon gets Indian court to block $3.3 billion retail deal involving Mukesh Ambani

CNN  

CNN Business — Amazon has been handed a major legal victory in its fight to block a multibillion-dollar deal between two of India’s biggest retailers. In August 2019, Amazon invested in a Future Group entity that gave it a roughly 4.8% stake in Future Retail as of September 30 last year, according to securities filings. Amazon argued that the 2019 …

Future group's Biyani says Amazon creating confusion, playing dog in the manger
3 years, 10 months ago

Future group's Biyani says Amazon creating confusion, playing dog in the manger

Hindustan Times  

Future Group promoter Kishore Biyani has alleged that Amazon is "playing the dog in the manger" and trying to create a confusion about the group's ₹24,713-crore deal with Reliance Industries. The development comes days after Amazon petitioned the Delhi High Court to block the Future Group from selling retail assets to Reliance Industries and sought detention of Biyani and family …

Kishore Biyani sees quick OK of Future’s $3.4 billion deal despite Amazon dispute
3 years, 11 months ago

Kishore Biyani sees quick OK of Future’s $3.4 billion deal despite Amazon dispute

Live Mint  

India's Future Group expects swift regulatory approval of its $3.4 billion deal to sell its retail assets, its chief executive said, even as its warring business partner Amazon.com Inc intensifies efforts to block the deal. A New Delhi court in December dismissed Future's request to restrain Amazon's repeated attempts to get authorities to stall the deal. AMAZON PROTESTS The outcome …

RIL-Future Retail deal gets CCI okay
4 years, 1 month ago

RIL-Future Retail deal gets CCI okay

Live Mint  

The Competition Commission of India on Friday approved Future Retail Ltd’s asset sale to Reliance Industries Ltd, in a setback for Amazon.com Inc., which had approached the anti-trust watchdog to halt the ₹24,700 crore deal. “Commission approves acquisition of retail, wholesale, logistics and warehousing businesses of Future Group by Reliance Retail Ventures and Reliance Retail and Fashion Lifestyle,” CCI said …

Amazon Seeks Control of Future Group's Assets Worth Rs 30K Cr with Rs 1,431 Cr Investment
4 years, 1 month ago

Amazon Seeks Control of Future Group's Assets Worth Rs 30K Cr with Rs 1,431 Cr Investment

News 18  

Amazon is seeking to control 100 per cent of FRL by controlling the entire Kishore Biyanis Groups majority equity in FRL, which means with an investment of Rs 1,431 crore, it seeks to control Future Groups assets worth about Rs 30,000 crore. Banks and financial institutions have an exposure in excess of Rs 18,000 crore towards unpaid debts from Future …

Future Group Hints it May Challenge Arbitration Award Putting RIL Deal on Hold
4 years, 1 month ago

Future Group Hints it May Challenge Arbitration Award Putting RIL Deal on Hold

News 18  

Kishore Biyani-led Future Retail on Monday hinted that it may challenge the arbitration award from the Singapore-based arbitration center before Indian legal forums, to ensure that its Rs 24,713 crore deal proceeds unhindered and without any delay. Amazon.com Inc on Sunday won an interim award against its partner Future Group selling retail business to Reliance Industries Ltd for Rs 24,713 …

Amazon open to bailing out Future Group
4 years, 2 months ago

Amazon open to bailing out Future Group

Live Mint  

Amazon Inc. is open to helping debt-laden Future Group bring in a new, financially strong partner or investor if it calls off its ₹24,700 crore deal with Reliance Retail Ventures Ltd, said two people aware of the US e-commerce firm’s plans. “Future Group will be catering faster to RIL’s JioMart customers and not Amazon’s if the deal happens. In a …

Future of Biyani-Reliance deal under Amazon cloud
4 years, 2 months ago

Future of Biyani-Reliance deal under Amazon cloud

Live Mint  

Amazon.com Inc.’s legal challenge to void Future Group’s ₹24,700 crore asset sale to Reliance Industries Ltd hinges on a clause in the e-commerce giant’s 2019 investment agreement in Future Coupons Ltd that explicitly bars the Kishore Biyani-led group from forging a pact with the Mukesh Ambani company, two people directly aware of the matter said. Amazon has hired law firm …

Future Group Shares Jump after Reliance Deal for Retail Arm
4 years, 3 months ago

Future Group Shares Jump after Reliance Deal for Retail Arm

News 18  

Shares in Indian conglomerate Future Group’s companies jumped on Monday after Reliance Industries Ltd said it would buy the group’s retail arm in a $3.38 billion deal, including debt. Reliance’s grocery and fashion retail businesses will benefit from Future’s “strong” brands, analysts at Anique Stock Broking Ltd in Mumbai said in a client note. Lenders led by Axis Bank Ltd …

Future-RIL deal protects banks from a $2.2-bn hit
4 years, 3 months ago

Future-RIL deal protects banks from a $2.2-bn hit

Live Mint  

Future Group lenders have been saved from a $2.2 billion hit on their exposure to the conglomerate after the company announced a stake sale of its businesses to Reliance Industries Ltd for ₹24,713 crore on Saturday. Post the deal, Mukesh Ambani’s Reliance Retail Ventures will hold a 13.14% stake in Kishore Biyani’s Future Enterprises Ltd and will assume debt of …

Kishore Biyani-led Future Retail pays up $14 million interest
4 years, 3 months ago

Kishore Biyani-led Future Retail pays up $14 million interest

Live Mint  

Kishore Biyani’s flagship company Future Retail Ltd, which runs the popular supermarket chain BigBazaar, on Monday said it has paid $14 million in pending interest on dollar bonds, after missing last month’s due date. “In furtherance to our letter dated 22 July 2020, wherein we had informed about the grace period of 30 days for making payment of interest on …

Future to pay missed interest by Monday
4 years, 4 months ago

Future to pay missed interest by Monday

Live Mint  

Kishore Biyani’s flagship company Future Retail Ltd, which runs the popular supermarket chain BigBazaar, is likely to pay interest on its dollar bonds by Monday, after missing the payment deadline nearly a month ago, two people aware of the development said requesting anonymity. On 22 July, Future Retail informed stock exchanges that it had missed paying $14 million interest due …

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