Future Group

Central Bank of India's bid for Future's insurance JV stakes gets CoC nod

The state-owned lender has to get Irdai's approval in 90 days to buy FEL's stake in insurance JVs

Central Bank of India top bidder for Future's stake in insurance ventures

Central Bank of India on Wednesday said it has emerged as the successful bidder for the stake acquisition of debt-ridden Future Enterprises Ltd (FEL) in life and general insurance venture. Central Bank of India has been declared as the successful bidder by the Committee of Creditors (CoC) for the sale of Category 1 assets of FEL in Future Generali India Life Insurance Company Limited and Future Generali India Insurance Company Limited, the state-owned bank said in a regulatory filing. The Letter of Intent dated August 20, 2024, is received by the bank in this regard, it added. Future Enterprises owns a 25 per cent stake in Future Generali India Insurance Company and a 33 per cent stake in Future Generali Life Insurance. On July 20, 2022, the Mumbai bench of the National Company Law Tribunal (NCLT) ordered initiating insolvency resolution proceedings against the debt-ridden FRL and dismissed objections raised by e-commerce major Amazon. The NCLT has passed the order after allowing

Kishore Biyani moves Bombay HC against forensic audit of Future Retail

Kishore Biyani, the erstwhile promoter of debt-ridden Future Retail, has moved the Bombay High Court against the forensic audit process of the company. Earlier in August this year, Kishore Biyani and his brother Rakesh Biyani were asked by Bank of India to respond to findings made in the forensic audit report by BDO, a forensic auditor appointed by the leading financial creditor of Future Retail Ltd (FRL). The forensic auditor had submitted its report on August 9, 2023, and Bank of India sought representation/submissions from the company over the credit facilities availed by Biyani, which was replied by the resolution professional on August 28, 2023, FRL said in a regulatory filing. "Kishore Biyani - Director of the Company, has filed a writ petition before High Court, Bombay, inter alia challenging the Forensic Audit process, including the Forensic Audit Report dated August 09, 2023, submitted to BOI by BDO India," FRL said. Bank of India is the lead creditor of FRL, and CIRP was

Reliance Retail, 6 others submit EoIs for Future Supply Chain Solutions

The Future group's warehousing and logistics requirements are managed by Future Supply Chain Solutions and were once considered critical to the operations of the group

Sebi fines Future Corporate Resources, 14 others for open offer lapses

Sebi has imposed a penalty totalling Rs 20 lakh on Future Corporate Resources, Kishore Biyani and 13 others for failing to make a public announcement of an open offer to the shareholders of Praxis Home Retail. They have been asked to pay the fine within 45 days, the Securities and Exchange Board of India (Sebi) said in its order. Sebi found that Future Corporate Resources Pvt Ltd (FCRL) along with 14 entities failed to make a public announcement of an open offer following the increase in the shareholding of FCRL in Praxis. Praxis' equity shares aggregating to 30 lakh were allotted to one of its promoter entities FCRL, following the exercise of the conversion option of 3,180 compulsorily convertible debentures (CCDs) by FCRL, out of the 7,500 CCDs initially allotted to it. After exercising the conversion option, the shareholding of FCRL in Praxis rose from 47.43 per cent in the quarter ended December 2019 to 53.13 per cent, an increase of 5.71 per cent in shareholding as of February

Garment producers demand Rs 200 cr dues from Kishore Biyani's Future Group

The All India Garment Manufacturers & Vendors Association (AIGMVA) has demanded that Future Group owner Kishore Biyani should pay up their dues of over Rs 200 crore pending since 2019, here on Wednesday.

Kishore Biyani's Future: The rise and fall of India's retail tycoon

Three group companies enter corporate insolvency process, marking decline of former retail tycoon

Delhi HC rejects Future Group plea to terminate arbitration before SIAC

Judge says he hasn't expressed any opinion on merits of the arguments raised by the parties; arbitration before SIAC will continue as intended

Delhi HC rejects Future Group's plea to terminate arbitration before SIAC

On November 17, the Supreme Court had said that it would not allow stalling of arbitrary proceedings between Future Group and Amazon before the SIAC

Won't allow stalling of proceedings before SIAC in Amazon-Future case: SC

The Supreme Court made it clear on Thursday it will not allow stalling of the arbitral proceedings pending before the Singapore International Arbitration Centre (SIAC) pertaining to the ongoing legal tussle between US e-commerce major Amazon and the Future Group, saying the sanctity of such proceedings needed to be maintained. You (Future group and others) cannot keep stultifying the proceeding before the arbitral tribunal and this is just a ploy to delay the proceeding. These are all ploys by well-heeled parties to delay the arbitration proceeding. Your client is trying to be too clever by half, a bench comprising Chief Justice D Y Chandrachud and Justices Hima Kohli and J B Pardiwala said. Justice Chandrachud said he was concerned as the CJI due to the claim made that there was rule of law prevailing in the country. You can in any case challenge the final award to be passed in the arbitral proceedings, the bench said, making clear we will make sure that the arbitral proceedings go

Future Group trying to stall proceedings amid legal row with Amazon: SC

The Supreme Court said it 'was concerned' that the Future Group was trying to stall the proceedings before the Singapore Arbitral Tribunal

Adani, Reliance among 15 bidders in race to buy Future Retail's assets

Capri Global Holdings, OP Jindal group's Nalwa Steel and Power, Shalimar Corporation among companies expressing interest

Future Enterprises receives three months extension for holding AGM

Future Enterprises has received a three-month extension from the Registrar of Companies for holding its annual general meeting, a regulatory filing by the debt-ridden firm said. The Registrar of Companies, Mumbai, through a letter dated September 21, 2022, has accorded its approval to the company granting an extension for three months for holding the AGM of the company before December 31, 2022. "Accordingly, the aforesaid AGM of the Company would be held within the extended timeline," said FEL in late night filing on Wednesday. Earlier this month, another Future group firm - Future Lifestyle Fashions - had got a three-month extension for conducting its AGM. Section 96 of the Companies Act, 2013, mandates a company to hold AGM every year, within six months from the date of closing of the financial year. Moreover, there should not be a gap of more than 15 months between the two AGMs. However, the section also empowers RoC to extend by a period not exceeding three months, upon ...

Supreme Court to hear Amazon's appeal against NCLAT order on October 11

CCI had suspended the 2019 investment deal between Amazon and Future group firm (Future Coupons) and NCLAT had upheld CCI's decision

After Amazon, Apollo Global wades into India's corporate governance jungle

After Amazon.com Inc., it's the turn of Apollo Global Management Inc. to wade into the jungle that's corporate governance in India

Future Lifestyle seeks shareholders' nod for three special resolutions

Voting will begin on September 14 at 9:00 a.m. and end on October 13 at 5:00 p.m.

Amazon-Future Group row: Supreme Court to hear matter on September 19

"Amazon had misrepresented the scope and purpose of the proposed combination," CCI had said before the NCLAT

BoI takes Future Lifestyle to NCLT under bankruptcy code for due recovery

FLFL - in its filing with the BSE - said Saraf and Partners, advocates, on behalf of BoI, has served a petition under Section 7 of the IBC 2016

Future Lifestyle Fashions Q1 loss narrows to Rs 136 cr, revenue down 8.4%

Future Lifestyle Fashions Ltd (FLFL) on Saturday said its consolidated net loss narrowed to Rs 135.96 crore in the April-June quarter of FY23. The company had posted a net loss of Rs 348.08 crore in the corresponding quarter a year ago, said FLFL, the fashion and apparel retailer arm of the Future group, in a BSE filing. Its revenue from operations was down 8.42 per cent to Rs 272.88 crore during the period under review as against Rs 297.99 crore in the corresponding period last fiscal, the company said. FLFL's total expenses stood at Rs 436.56 crore, down 33.45 per cent in Q1/FY23 against Rs 656.07 crore a year ago. "The company has incurred loss before tax during the quarter ended June 30, 2022 amounting to Rs 142.40 crore primarily owing to lower sales volumes, finance costs and depreciation," said FLFL in its earnings statement. FLFL has in-house retail chains Central and Brand Factory, exclusive brand outlets (EBOs) and other multi-brand outlets (nearly a dozen apparel labels

NARCL to buy loans of five distressed companies, lenders agreement awaited

In July, NARCL had proposed to take distressed assets of 17 firms worth Rs 93,249 crore including included five firms of the Future Group