Meetings will be held virtually via video conferencing and other audiovisual means
Meetings will be held virtually via video conferencing and other audiovisual means
Listed companies of Kishore Biyani-led Futures Group on Saturday announced meetings of their respective shareholders and creditors to be convened on April 20-21 to get their approval of the 24,713 cro. deal with Reliance Retail.
Public companies including Future Enterprises Ltd., Future Retail Ltd., Future Consumer Ltd. and Future Supply Chain, briefed the exchange on dates and other procedures for the virtual meetings of shareholders and creditors.
The meetings will be held virtually via video conferencing and other audiovisual means, the addendum note added.
According to the order, issued on February 28 by the Bank of the National Company Law Tribunal (NCLT) in Mumbai, the shareholders’ meeting would be held on April 20. The meeting to obtain creditor approval would be held the next day. April 21, 2022.
The NCLT had given the go-ahead to convene meetings of shareholders and creditors of the respective Future group companies to approve the proposed merger and the transfer of the business to Reliance Retail.
As part of the transaction, Future Enterprises Limited is the transferring company of Reliance Retail. The Future Group’s 19 companies, engaged in retail, wholesale, logistics and warehousing, would be consolidated into one entity, FEL, and then transferred to Reliance.
In August 2020, Future Group had announced the £24,713 million deal to transfer its retail, wholesale and logistics businesses to Reliance Retail.
However, the deal failed to go through as Future’s wartime partner Amazon went to court for violating some contracts. Future denies any wrongdoing.
With the deal bogged down in a series of litigation and arbitrations, Reliance’s program long stop date has already been extended by six months to Sept. 30, 2022, FRL announced last week.
This is Reliance Retail Ventures Ltd’s third timetable extension. (RRVL), the retail arm of Reliance Industries, for completing its £24,713 billion deal with Future group.
Previously, RRVL had extended the schedule from September 30, 2021 to March 31, 2022. The first long stop date was March 31, 2021, which was extended to September 30, 2021.
Earlier in February, Reliance Retail took over operations of at least 300 stores from Future Retail and offered jobs to its employees after the Kishore Biyani-led group failed to make rent payments to landlords. Later on March 16, Future Retail Ltd said it had “committed” to reversing the takeover of its stores by Reliance Retail and would take whatever action is necessary to secure write-downs.
The firm, run by Kishore Biyani, also said Reliance Group’s action came as a “surprise” to them.
