NCLT Mumbai Grants Time To Future Retail Ltd. To File Reply In Insolvency Plea
2 years, 7 months ago

NCLT Mumbai Grants Time To Future Retail Ltd. To File Reply In Insolvency Plea

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising of Justice P.N. Deshmukh and Shri Shyam Babu Gautam, while hearing a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, titled Bank of India v Future Retail Ltd., has granted time to Future Retail Ltd. for filing a reply to the petition. Future Retail Ltd. is the flagship company of the Kishore Biyani led Future Group of companies that operates popular retail chains such as Big Bazaar, Foodhall, Easyday Club and WH Smith. 24,713 Crores worth deal wherein Future Group had intended to sell nineteen of its companies operating in retail, wholesale, logistics and warehousing segments to Reliance Retail Ventures Ltd., a subsidiary of Reliance Industries Limited. Case title: Bank of India v Future Retail Ltd., CP No.

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History of this topic

NCLT directs RBI, DIPP to expedite approvals for Hinduja’s takeover of Reliance Capital
4 months, 1 week ago

NCLT directs RBI, DIPP to expedite approvals for Hinduja’s takeover of Reliance Capital

Live Mint  

The National Company Law Tribunal on Monday instructed the Reserve Bank of India and the Department of Industrial Policy and Promotion to expedite approvals necessary for Hinduja-owned IndusInd International Holdings Ltd to complete its acquisition of the insolvent Reliance Capital. This directive followed a petition by the Hindujas seeking an extension of the timeline set by the tribunal in its …

NCLT Orders Liquidation Of Future Retail
4 months, 3 weeks ago

NCLT Orders Liquidation Of Future Retail

Live Law  

The National Company Law Tribunal Mumbai bench ordered the liquidation of Future Retail Limited marking the end of the company's long-standing presence in India's retail market. The decision was made by a bench comprising Judicial Member Kuldip Kumar Kareer and Technical Member Anil Raj Chellan who held that the corporate insolvency resolution process exceeded its maximum permissible period without any …

Monthly Digest Of IBC Cases: May 2024
6 months, 2 weeks ago

Monthly Digest Of IBC Cases: May 2024

Live Law  

SUPREME COURT Can Homebuyer's Claim For Apartment Be Rejected For Not Filing Claim During Insolvency Process Against Builder? 1398 of 2023 The National Company Law Appellate Tribunal Delhi, comprising Justice Ashok Bhushan, Mr. Barun Mitra, and Mr. Arun Baroka held that documentary evidence including postal receipt mentioning the registered address of the Corporate Debtor confirms the issuance of a Demand …

NCLT initiates insolvency against Jaiprakash Associates, admits ICICI Bank plea
6 months, 2 weeks ago

NCLT initiates insolvency against Jaiprakash Associates, admits ICICI Bank plea

Hindustan Times  

New Delhi, June 3 The National Company Law Tribunal on June 3 directed to initiate insolvency proceedings against debt-ridden Jaiprakash Associates Ltd, admitting the plea filed by private lender ICICI Bank. The National Company Law Tribunal on June 3 directed to initiate insolvency proceedings against debt-ridden Jaiprakash Associates Ltd, admitting the plea filed by private lender ICICI Bank Jaiprakash Associates …

NCLT allows RCap administrator’s plea on implementation of resolution plan
9 months, 1 week ago

NCLT allows RCap administrator’s plea on implementation of resolution plan

Live Mint  

Mumbai: The National Company Law Tribunal on Wednesday allowed a plea by Reliance Capital's administrator, seeking directions to the Hinduja Group's IndusInd International Holdings Ltd to complete payment for the takeover in accordance with the resolution plan by 28 May. On 27 February, the NCLT gave its nod to Hinduja Group’s IndusInd International Holdings to take over the debt-laden Reliance …

NCLAT New Delhi: Jurisdiction Of NCLT Under IBC Is Summary In Nature, Not Extensive As A Civil Court To Enquire Into Disputes
1 year, 1 month ago

NCLAT New Delhi: Jurisdiction Of NCLT Under IBC Is Summary In Nature, Not Extensive As A Civil Court To Enquire Into Disputes

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, New Delhi comprising of Mr. Justice Ashok Bhushan and Mr. Barun Mitra dismissed an appeal filed by Vistra ITCL Ltd.. It held that the scope and jurisdiction of National Company Law Tribunal under the Insolvency and Bankruptcy Code, 2016 being summary in nature is distinctly not as extensive as that of a …

Monthly Digest Of IBC Cases: September 2023
1 year, 2 months ago

Monthly Digest Of IBC Cases: September 2023

Live Law  

Supreme Court Case Title: Eva Agro Feeds Private Limited V. Punjab National Bank & Anr., Civil Appeal No. 971, 972 & 973 of 2023 The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Ashok Bhushan and Shri Barun Mitra, has held that IBC provisions do not indicate that all information collected by the Resolution Professional is required …

Weekly Digest Of IBC Cases: 11th To 17th September 2023
1 year, 3 months ago

Weekly Digest Of IBC Cases: 11th To 17th September 2023

Live Law  

Supreme Court Case Title: Tata Power Western Odisha Distribution Limited & Anr. V Jagannath Sponge Private Limited Citation: 2023 LiveLaw 788 The Supreme Court has held that under the Insolvency and Bankruptcy Code, 2016, once the Resolution Plan stands approved by the National Company Law Tribunal, the Electricity Department cannot demand payment of arrears, which were payable by the Corporate …

Weekly Digest Of IBC Cases: 18 To 23 July 2023
1 year, 4 months ago

Weekly Digest Of IBC Cases: 18 To 23 July 2023

Live Law  

Supreme Court Case Title: Paschimanchal Vidyut Vitran Nigam Ltd vs Raman Ispat Private Limited Citation: 2023 LiveLaw 534 | 2023 INSC 625 The Supreme Court Bench comprising of Justices S. Ravindra Bhat and Dipankar Datta, has observed that Section 238 of the Insolvency and Bankruptcy Code, 2016 overrides the provisions of the Electricity Act, 2003. High Court Jharkhand High Court …

NCLT approves Suraksha group’s plan to take over Jaypee Infratech
1 year, 9 months ago

NCLT approves Suraksha group’s plan to take over Jaypee Infratech

Hindustan Times  

The National Company Law Tribunal on Tuesday approved the resolution plan and bid by Mumbai based Suraksha Realty Limited and Lakshdeep Investments to take over debt-ridden realty company Jaypee Infratech Limited, thereby reigniting the hopes of thousands of aggrieved homebuyers of getting their dream homes soon. Since 2017, the Supreme Court monitored NCLT has been hearing the corporate insolvency resolution …

NCLT Mumbai Initiates Insolvency Proceedings Against Siti Networks Ltd.
1 year, 9 months ago

NCLT Mumbai Initiates Insolvency Proceedings Against Siti Networks Ltd.

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising of Shri H.V. Subba Rao and Ms. Madhu Sinha, while adjudicating an application filed in Indusind Bank Ltd. v Siti Networks Ltd., has initiated Corporate Insolvency Resolution Process against Zee Entertainment Enterprises Ltd. Mr. Rohit Mehra has been appointed as the Interim Resolution Professional. In view of the same, the Corporate Debtor …

NCLAT Stays Insolvency Proceedings Against Zee; Final Hearing On March 29
1 year, 9 months ago

NCLAT Stays Insolvency Proceedings Against Zee; Final Hearing On March 29

News 18  

The National Company Law Appellate Tribunal on Friday stayed the insolvency proceedings against media major Zee Entertainment Enterprises Ltd. Admitting a plea by ZEEL Managing Director and chief executive Punit Goenka, a two-member NCLAT bench stayed the order passed by the Mumbai bench of the National Company Law Tribunal. On Wednesday, NCLT admitted a insolvency plea against ZEEL by private …

‘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 …

Bid deadline for India’s Future Retail extended due to low interest: Report
2 years, 2 months ago

Bid deadline for India’s Future Retail extended due to low interest: Report

Live Mint  

The resolution professional for India's debt-laden Future Retail Ltd has extended the deadline for potential buyers to submit their bids for the retailer, due to tepid interest, two banking sources said on Friday. Future Retail's RP did not immediately respond to an email seeking comment. Future Group's flagship retail unit, Future Retail was once the country's second-largest retailer but has …

Bank Of India Files Insolvency Plea Against Kishore Biyani Led Future Lifestyle Fashions
2 years, 3 months ago

Bank Of India Files Insolvency Plea Against Kishore Biyani Led Future Lifestyle Fashions

Live Law  

Future Lifestyle Fashions Ltd. is the flagship fashion business of the Mr. Kishore Biyani led Future Group of companies, which have dominated the retail sector in India for years. Future Retail Ltd., which operates popular retail chains such as Big Bazaar, Foodhall, Easyday Club and WH Smith, was admitted into Corporate Insolvency Resolution Process by NCLT Mumbai Bench on 20.07.2022, …

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 …

NCLT Mumbai Initiates Insolvency Proceedings Against Nirmal Lifestyle (Kalyan) Pvt. Ltd.
2 years, 6 months ago

NCLT Mumbai Initiates Insolvency Proceedings Against Nirmal Lifestyle (Kalyan) Pvt. Ltd.

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising of Mr. Kishore Vemulapalli and Mr. Rajesh Sharma, while adjudicating an application in Srei Equipment Finance Ltd. v Nirmal Lifestyle Pvt. Contentions Of The Corporate Debtor The Corporate Debtor submitted that it had requested the Financial Creditor for restructuring the Loan amount due to the financial disruptions caused by COVID 19 pandemic …

Monthly Digest Of IBC Cases: May 2022
2 years, 6 months ago

Monthly Digest Of IBC Cases: May 2022

Live Law  

Supreme Court Supreme Court Declares Noida As An Operational Creditor Under The Insolvency And Bankruptcy Code, 2016 Case title: New Okhla Industrial Development Authority v Anand Sonbhadra Case No. The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Ms. Shreesha Merla and Mr. Naresh Salecha, while adjudicating an appeal has upheld that Corporate Insolvency Resolution Process …

NCLAT To Hear Appeals On Resolution Plan Of Jet Airways On 5th July, 2022
2 years, 6 months ago

NCLAT To Hear Appeals On Resolution Plan Of Jet Airways On 5th July, 2022

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Ms. Shreesha Merla, while hearing a batch of appeals filed against the resolution plan of Jet Airways Ltd. by aggrieved employees and workmen of Jet Airways; Punjab National Bank; TLD MEAI FZE; Jet Aircraft Maintenance Engineers Welfare Association; Bhartiya Kamgar Sena; and Concor Air, has fixed …

Ram Charan Company Private Limited appeals against NCLT order
2 years, 7 months ago

Ram Charan Company Private Limited appeals against NCLT order

New Indian Express  

CHENNAI: Chennai-based firm Ram Charan Company Private Limited, which is facing Corporate Insolvency Resolution Proceedings after it failed to pay a loan of Rs 3.5 crore to Classic Exports, has appealed against the order passed by the Chennai Bench of National Company Law Tribunal. This comes after a Division Bench of R Sucharitha, member, and Sameer Kakar, member, of NCLT …

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 …

Reliance Takes Charge of Future
2 years, 9 months ago

Reliance Takes Charge of Future

News 18  

Reliance Industries has stepped in to rescue Future Retail Limited, taking over the operations of its stores and offering jobs to its employees, even as the Kishore Biyani-led group is locked in a bitter legal wrangle with e-commerce major Amazon at several judicial forums over the sale of its business to the retail arm of the oil-to-telecom conglomerate. In August …

Future Retail-Reliance Merger: SC Allows Future Retail To Move HC To Seek Resumption Of NCLT Proceedings
2 years, 10 months ago

Future Retail-Reliance Merger: SC Allows Future Retail To Move HC To Seek Resumption Of NCLT Proceedings

ABP News  

New Delhi: In a crucial direction from the Supreme Court, Future Retail has been allowed to move Delhi High Court to seek permission for continuation of proceedings before the National Company Law Tribunal related to the sanction for its Rs 27,513-crore deal with Reliance Retail Ventures Ltd. A bench headed by Chief Justice N.V. Ramana and comprising Justices A S …

Approach HC to go ahead with NCLT proceedings: SC to FRL
2 years, 10 months ago

Approach HC to go ahead with NCLT proceedings: SC to FRL

Hindustan Times  

The Supreme Court on Tuesday asked Future Group to approach the Delhi high court with its plea seeking continuation of proceedings before the National Company Law Tribunal to get final approval for the proposed $3.4 billion sale of its retail assets to Reliance. The top court refrained from examining the rival contentions of Future and Amazon on the aspect of …

Supreme Court issues notice to Future group on Amazon plea against Delhi HC stay
2 years, 10 months ago

Supreme Court issues notice to Future group on Amazon plea against Delhi HC stay

The Hindu  

The Supreme Court on Wednesday decided to consider a plea by e-commerce giant Amazon against a Delhi High Court stay on proceedings before a Singapore arbitral tribunal against Future group's ₹ 24,500 crore proposed deal with Reliance. The Hindu podcast | The battle between Reliance and Amazon for the Future of Indian retail A three-judge Bench led by Chief Justice …

FRL-Reliance merger: Supreme Court notice to Future group on plea of Amazon
2 years, 10 months ago

FRL-Reliance merger: Supreme Court notice to Future group on plea of Amazon

Deccan Chronicle  

New Delhi: The Supreme Court Wednesday sought a response from the Future group on Amazon's plea against the January 5 order of the Delhi High Court staying the ongoing arbitration proceedings before an arbitral tribunal over Future Retail's Rs 24,500-crore merger deal with Reliance. The Delhi High Court on January 5 had stayed the Amazon-Future arbitration which is going on …

Supreme Court Seeks Banks' Response To Future Retail's Plea To Defer Coercive Steps Over Loan Default
2 years, 10 months ago

Supreme Court Seeks Banks' Response To Future Retail's Plea To Defer Coercive Steps Over Loan Default

Live Law  

The Supreme Court of India on Tuesday directed the consortium of 27 banks to file an affidavit in response to the writ petition filed by Future Retail Ltd seeking the deferral of coercive actions over loan defaults.A Bench comprising the Chief Justice of India NV Ramana, Justice AS Bopanna and Justice Hima Kohli also asked FRL to serve copy to …

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 asks Delhi court to quash Singapore panel’s block on RIL deal
3 years, 1 month ago

Future asks Delhi court to quash Singapore panel’s block on RIL deal

Live Mint  

New Delhi: India's Future Retail has asked a Delhi court to quash a decision by a Singapore arbitration panel that has kept the $3.4 billion sale of Future's retail assets in limbo while the panel hears objections from Amazon.com Inc. Amazon has mounted legal challenges against Future's planned asset sale to market leader Reliance Industries since last year, accusing the …

Reliance Gets NCLT Permission to Seek Creditors’ Nod for Proposed Future-Retail Deal
3 years, 2 months ago

Reliance Gets NCLT Permission to Seek Creditors’ Nod for Proposed Future-Retail Deal

News 18  

The Mumbai Bench of the National Company Law Tribunal on October 18 allowed Reliance to go ahead with seeking creditors’ nod, CNBC-TV18 reported. Reliance Retail, the retail arm of oil-to-telecom conglomerate Reliance Industries, had moved the NCLT and sought permission to proceed with seeking creditors’ nod for reorganising companies in lieu of the proposed Future-Retail Deal. Last month, on September …

Future Gets NCLT Go-ahead to Conduct Shareholders Meeting for Deal with Reliance: Sources
3 years, 2 months ago

Future Gets NCLT Go-ahead to Conduct Shareholders Meeting for Deal with Reliance: Sources

News 18  

The National Company Law Tribunal on Tuesday allowed Kishore Biyani-led Future Group firms to hold meetings of its shareholders and creditors to seek approval for the sale of assets to Reliance Retail Ltd. A Mumbai-based two-member NCLT bench comprising Suchitra Kanuparthi and Chandra Bhan Singh dismissed the application filed by e-commerce major Amazon opposing the scheme of merger of the …

Amazon-FRL Dispute : Future Coupons Move Supreme Court Against Delhi HC Single Bench Order Attaching Assets
3 years, 4 months ago

Amazon-FRL Dispute : Future Coupons Move Supreme Court Against Delhi HC Single Bench Order Attaching Assets

Live Law  

After a setback, Future Group firm Future Coupons Private Ltd moved the Supreme Court on August 12, seeking a stay against the order passed by the single bench of the Delhi High Court that directed attachment of assets of Future Coupons, Future Retail, Future Group Promote Kishore Biyani's assets and issued a show-cause notice for Civil Arrest of Biyani and …

Delhi HC stays direction to maintain status quo on Future-Reliance deal
3 years, 10 months ago

Delhi HC stays direction to maintain status quo on Future-Reliance deal

India TV News  

The Delhi High Court on Monday stayed its single judge direction to Future Retail Ltd and various statutory authorities to maintain status quo with regard to the Rs 24,713 crore deal with Reliance Retail. A bench of Chief Justice D N Patel and Justice Jyoti Singh passed in the interim direction on FRL's appeal challenging the February 2 order of …

Future Retails v Amazon : Delhi High Court Stays Single Bench's Status Quo Order On Reliance Deal
3 years, 10 months ago

Future Retails v Amazon : Delhi High Court Stays Single Bench's Status Quo Order On Reliance Deal

Live Law  

The Delhi High Court on Monday today stayed the implementation of its own order passed by the Single Judge bench of Justice Midha, which had directed status quo order on the Future - Reliance retail stake sale deal of nearly Rs. Passed by the Division Bench of Chief Justice DN Patel and Justice Jyoti Singh, the order notes that Future …

Future Group challenges Delhi High Court order
3 years, 10 months ago

Future Group challenges Delhi High Court order

Hindustan Times  

Kishore Biyani-led Future Retail Limited on Wednesday filed an appeal before a division bench in the Delhi High Court against the ‘status quo’ order on a $3.4 billion deal for the sale of its retail assets to Reliance Industries Ltd. However, opposing the urgent mentioning, senior advocate Rajiv Nayyar for Amazon told the court that procedure should be followed. In …

Future Retail files appeal in Delhi High Court against status quo order on Future-Reliance deal
3 years, 10 months ago

Future Retail files appeal in Delhi High Court against status quo order on Future-Reliance deal

India TV News  

Future Retail Ltd on Wednesday said it has filed an appeal in the Delhi High Court against the status quo order on its Rs 24,713-crore deal with Reliance. On Tuesday, a Delhi High Court bench of Justice J R Midha had directed FRL to maintain status quo in relation to its Rs 24,713-crore deal with Reliance Retail that has been …

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 …

Delhi HC ask if Amazon, Future open to resolve issue relating to Reliance deal
3 years, 10 months ago

Delhi HC ask if Amazon, Future open to resolve issue relating to Reliance deal

Hindustan Times  

The Delhi High Court Monday sought to know whether US-based e-commerce giant Amazon and Kishore Biyani led Future Retail Ltd were open to resolving the issue arising out of ₹24,713 crore deal between FRL and Reliance Retail. The court was hearing a plea by Amazon seeking direction to order enforcement of the award by Singapore's Emergency Arbitrator restraining FRL from …

Future Retail has requested a tribunal to obtain key permission for its asset sale of $3.4 billion to Reliance Industries
3 years, 10 months ago

Future Retail has requested a tribunal to obtain key permission for its asset sale of $3.4 billion to Reliance Industries

Firstpost  

Future Retail moved an appeal to the National Company Law Tribunal requesting clearance for its arrangement with Reliance, the company’s legal representatives told the high court in Delhi. Last week, stock exchanges cleared Future’s deal with Reliance, but according to Indian law, another crucial approval is necessary from the National Company Law Tribunal. The legal battle ensuing between the companies …

RIL-Future Deal: Delhi HC Issues Notice Seeking Biyanis' & Reliance's Response In Amazon's Appeal
3 years, 11 months ago

RIL-Future Deal: Delhi HC Issues Notice Seeking Biyanis' & Reliance's Response In Amazon's Appeal

ABP News  

The Delhi court on Wednesday issued notice to Kishore Biyani-led Future Retail Ltd and Reliance Retail seeking response in Amazon's plea challenging the prima facie observations by a single judge that the American e-commerce giant's attempt to control the Indian entity was violative of FEMA and FDI rules.A Division Bench of Chief Justice DN Patel and Justice Jyoti Singh heard …

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 …

CCI approves RIL, Future Retail deal
4 years, 1 month ago

CCI approves RIL, Future Retail deal

Hindustan Times  

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. The debt-ridden Future Group had agreed to sell various assets of Future Retail to Reliance for ₹24,713 crore in August. “Commission approves acquisition of retail, …

Amazon Not Shareholder, No Say in Company Affairs: Future Retail Tells Delhi HC
4 years, 1 month ago

Amazon Not Shareholder, No Say in Company Affairs: Future Retail Tells Delhi HC

News 18  

Kishore Biyani-led Future Retail Ltd Thursday told the Delhi High Court that Amazon was not its shareholder and has no say in its affairs and the interim order passed by the Singapore International Arbitration Centre was of no value. The court had on November 10 sought response of Amazon on FRL's plea alleging that the e-commerce major was interfering in …

Singapore court halts Future-RIL retail deal
4 years, 1 month ago

Singapore court halts Future-RIL retail deal

Hindustan Times  

Amazon.com Inc. on Sunday secured interim relief in a Singapore arbitration court, stalling partner Future Group’s plan to sell its retail and wholesale assets to a unit of rival Reliance Industries Ltd for ₹24,713 crore. The e-commerce giant claimed that Future Group had violated an investment contract when it agreed to sell its retail assets to Reliance Retail Ventures 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 …

RIL to buy Future Group’s retail, related units for ₹24,713 crore
4 years, 3 months ago

RIL to buy Future Group’s retail, related units for ₹24,713 crore

The Hindu  

Reliance Retail Ventures Ltd., a subsidiary of Reliance Industries Ltd., has announced the acquisition of the retail and wholesale, and logistics and warehousing businesses of the Future Group, on a slump sale basis, for a lump sum of ₹24,713 crore. The retail and wholesale undertaking of Future Group is being transferred to Reliance Retail and Fashion Lifestyle Ltd., a wholly …

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