Page 2 - Future Retail

Kishore Biyani withdraws resignation from FRL's suspended board as Chairman

Almost one and a half months after resigning from the suspended board of debt-ridden Future Retail Ltd, Kishore Biyani has withdrawn his resignation. The Resolution Professional of Future Retail Ltd (FRL), which is currently going through an insolvency resolution process, had raised objections to the contents of Biyani's resignation letter and had requested him to recall it. "Kishor Biyani has now withdrawn his resignation by way of his letter dated 10th March 2023," FRL informed the bourses. Earlier this week, the RP of FRL filed an application before the National Company Law Tribunal (NCLT) against the former and present directors of the company for causing a loss of Rs 14,809.44 crore to creditors. In the application filed before the Mumbai bench of the NCLT, the Resolution Professional (RP) has sought direction from the tribunal against the present and erstwhile directors of FRL "to contribute the amount to the company", Future Retail Ltd (FRL) said in a regulatory filing. Biy

FRL fails to get revival plan, lenders to decide further course of action

The date of submission of the resolution plans for the company was February 20 after subsequent extensions were granted by the lenders, the company said

Kishore Biyani resigns as executive chairman and director of Future Retail

Biyani's resignation was also received by the resolution professional on January 24

FRL's digital database before insolvency not available: Compliance officer

Future Retail's structured digital database prior to the corporate insolvency resolution process has not been available for verification for the quarter that ended September due to various reasons, including non-cooperation from erstwhile management and lack of administrative arrangements, the company's newly-appointed company secretary and compliance officer said in a regulatory filing. The company has now initiated the process of inviting competitive quotes to purchase the software necessary for the maintenance of the structured digital database to comply with Sebi regulations, FRL Compliance Officer Pratiksha Salecha said in note filed on BSE by the company. Under the Securities and Exchange Board of India (Prohibition of Insider Trading) (Amendment) Regulations, listed companies are required to maintain a secured digital database which has to be verified. Salecha was appointed on September 29, 2022, Compliance Officer of Future Retail Ltd (FRL) against which the Corporate ...

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

Here is why bidders are keen on Future Group's logistics, warehousing arm

Sources say these companies have expressed their interest in Future Retail assets in the hope that they will acquire assets of Future Supply Chain Solutions as well

Future Retail saga explained: From rise & fall to Amazon-RIL court battle

As 15 entities including Reliance file their expressions of interest for Future Retail, here's all you need to know about the company and Amazon's legal battle against its deal with Reliance

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 Retail insolvency: Deadline for bids extended to November 3

The deadline for submission of expression of interest for debt-ridden Future Retail Ltd (FRL) has been extended by almost two weeks to November 3. As per the modified invitation of expression of interest (EoI) for the Future Group firm undergoing Corporate Insolvency Resolution Process (CIRP), the last date for the prospective buyers to submit their EOI is November 3. Earlier, the last date for the prospective resolution applicants (PRA) for submission of EoI was October 20, 2022. Now, a final list of PRAs will be published on November 20, 2022 and the deadline for the submission of the resolution plan is December 15, 2022, as per the modified invitation for submitting EoI. "It is clarified that the EOIs submitted by all interested prospective resolution applicants... prior to this corrigendum and Modified IEOI shall continue to be considered in the ongoing corporate insolvency resolution process of FRL and need not be resubmitted," it added. PRAs should have a minimum tangible ne

Future Retail insolvency: EoI invited from prospective buyers by Oct 20

The resolution professional of Future Retail Ltd (FRL) has invited 'expression of interest' from prospective buyers under the ongoing Corporate Insolvency Resolution Process (CIRP). All interested and eligible prospective resolution applicants (PRA) for FRL are required to submit an expression of interest for the resolution plan by October 20, 2022. The resolution professional (RP) will issue the final list of PRAs on November 6, 2022, and a deadline of December 6, 2022, has been fixed for the submission of resolution plans, according to the 'Invitation to submit 'expression of interest' issued by RP of Future Retail. However, it added that the timelines "remain subject to modification by the CoC and any extension/exclusion to the timelines" for completion of CIRP of FRL under the Insolvency & Bankruptcy Code (IBC) 2016. PRAs should have a minimum tangible net worth of Rs 100 crore along with minimum assets under management (AUM)/committed funds available for investment of Rs 250 .

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

Creditors file claims worth Rs 21,324 cr against Future Retail before IRP

Creditors of Future Retail Ltd have submitted claims worth Rs 21,324.18 crore against the debt-ridden company presently facing an insolvency resolution process. The financial creditors of the companies, which mainly include banks and financial institutions, have filed claims of Rs 21,057.89 crore before the interim resolution professional of the company. Of this, Rs 17,511.69 crore worth of claims are verified and the rest of Rs 3,546.20 crore are unverified. Operational creditors of the Future group firm have filed claims worth Rs 265.16 crore, according to the documents uploaded on the official website of Future Retail Ltd (FRL). Besides, 462 workmen have also filed claims of Rs 9.83 crore. As per the Insolvency & Bankruptcy Code, the IRP collates the claims and a Committee of Creditors is constituted with voting shares of the lenders in the proportion of their loan exposure. The Mumbai bench of the National Company Law Tribunal had on July 20 directed to initiate the Corporate

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Financial creditors to Future Retail place claims worth Rs 21,000 cr

60% of such claims are from state-owned banks and other creditors, shows data on company's website

Top Headlines: RBI policy review today, Sebi orders audit of FRL, and more

Ahead of the RBI MPC's statement today, while market participants are certain about a rate hike, there are also growing calls for a shift in the central bank's stance. Read more in our top headlines

Sebi orders forensic audit of FRL's financial statements of last 3 years

Future Group owes its 26 lenders over Rs 15,000 crore

Amazon moves SC challenging NCLAT ruling on Future group investment

Appellate tribunal upheld CCI order suspending digital commerce platform's investment in Future group in 2019

Future Supply Chain Solutions reports Q4 net loss of Rs 624.22 crore

The loss was mainly on account of credit loss from group firm Future Retail Ltd (FRL) which is now facing insolvency proceedings.

NCLT admits Bank of India's insolvency petition against Future Retail

IRP appointed; corporate insolvency resolution process to start against the retailer

Top headlines: FRL to go under insolvency at NCLT; Wipro Q1 net falls 21%

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