Kishore Biyani

NCLT orders liquidation of Biyani-led Future Retail as resolution eludes

The National Company Law Tribunal on Monday allowed the liquidation of Kishore Biyani-led Future Retail as the maximum period of the corporate insolvency resolution process (CIRP) has expired with no resolution plan approved by the lenders. The Mumbai bench of NCLT appointed Sanjay Gupta as the liquidator in the matter. The tribunal, led by Anil Raj Chellan and Kuldip Kumar Kareer, in the order said, "Looking at the application and averments made therein, it is evident that the maximum period of the CIRP has expired and no Resolution Plan has been approved by the CoC. "We are of the considered opinion that this is a fit case for liquidation. Therefore, we hereby order the liquidation of the Corporate Debtor." The decision comes after the resolution professional, Vijaykumar V Iyer, failed to get any resolution applicants to turn around the insolvent company. In November 2023, the resolution professional of Future Retail filed an application before NCLT Mumbai, seeking liquidation o

Kishore Biyani's nephew Vivek Biyani launches retail chain for D2C company

Broadway to house over 100 Indian D2C brands offline in a content-to-commerce model

SAT quashes Sebi's order against Biyani, others in insider trading case

The Securities Appellate Tribunal (SAT) on Wednesday quashed regulator Sebi's order banning Future Retail chairperson Kishore Biyani and some other promoters from the securities market for one year in an insider trading case. Dismissing the Sebi's order, the appellate tribunal said that the entities did not trade in the shares of Future Retail Ltd (FRL) on the basis of unpublished price sensitive information (UPSI) relating to demerger as such information was already in public domain through multiple media reports. "We are satisfied that the information relating to de-merger was already in the public domain and, therefore, trading done by the appellants in the shares after the publication of the interviews and news reports cannot be considered as trading while in possession of UPSI. Thus, the charge in the show cause notice fails and the findings given by the WTM cannot be sustained. The impugned order is quashed," a bench comprising Presiding Officer Tarun Agarwala and Technical ...

Jindal India hops in with Future Enterprises bid, submits resolution plan

Only after Reliance Retail conveys its decision to Future Enterprises' creditors about its intent to either continue or walk out of the bidding process, will the bid be opened

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

Future Retail's insolvency deadline extended again, deadline now Sept 15

The Mumbai bench had provided a 33-day extension to FRL's administrator to complete the proceedings of its insolvency process on July 19

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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

Biyani withdraws resignation from post of exec chairman, director of FRL

The letter was received by the by resolution professional through e-mail on Tuesday

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

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.

TMS Ep387: Kishore Biyani, Indian rupee, markets, High Seas Treaty

What makes Kishore Biyani's Future tense? Is the rupee headed for internationalisation? Will Fed action, inflation data sway markets? What is the High Seas Treaty? All answers here

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

Kishore Biyani resigns as executive chairman and director of Future Retail

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

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

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.

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

Debt-ridden Future Enterprises faces second plea to initiate insolvency

Debt-ridden Future Enterprises Ltd is now facing a second plea filed by an operational creditor of the company before National Company Law Tribunal to initiate insolvency proceedings. The latest petition is filed against Future Enterprises by Retail Detailz India, claiming default of Rs 4.02 crore before the Mumbai bench of the National Company Law Tribunal (NCLT). "The Company has received e-filing confirmation from NCLT with respect to the filing of an application by an Operational Creditor Retail Detailz India Private under section 9 of the IBC for an alleged default amount of Rs 4.02 crore," Future Enterprises said in a late evening filing on Tuesday. No further date has been allotted so far for hearing the said application, it added. Last week, another operational creditor, Foresight Innovations, had filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC) 2016, for an alleged default amount of Rs 1.58 crore before the Mumbai bench of NCLT. The next da

Future Enterprises defaults on Rs 12.68 crore interest payment for NCDs

Debt-ridden Future Enterprises Ltd (FEL) said it has defaulted on payments of interest of two non-convertible debentures totalling Rs 12.68 crore. The due date for payment was August 17, 2022, FEL said in a regulatory filing. "The company is unable to service its obligations in respect of the interest on Non-Convertible Debentures (NCDs) due on August 17, 2022," it said on Thursday. The debentures are secured with a coupon rate of 9.60 per cent per annum. The interest amount was payable for the period between February 16 and August 17, 2022, it said. The amount of securities issued was Rs 106 crore and Rs 159 crore, totalling Rs 265 crore. Earlier this week FEL informed exchanges that an operational creditor of the company has filed a plea before the National Company Law Tribunal to initiate insolvency proceedings against the firm. The Future group firm has missed the interest payment of several NCDs in the last three months. FEL was part of the 19 Future group companies operat