The settlement of the deal between Reliance Retail Ventures Limited, a subsidiary of Mukesh Ambani-led Reliance Industries, and Futures Retail, may now be done soon. On Thursday, all Future Group companies told the exchange that they have decided to convene a meeting of their shareholders and creditors on April 20 and 21 to approve the Rs 24,713 crore deal with Reliance Retail in August 2020.
Future Group companies: 6 companies of the Future Group are listed on the stock exchange, which include Future Retail Limited, Future Consumer Limited, Future Lifestyle Fashion Limited, Future Enterprises Limited, Future Supply Chain Solutions Limited and Future Market Networks Limited. On behalf of the listed companies of Future Group, the stock market was informed through video conferencing about the dates of meetings of shareholders and creditors and other procedures.
Meeting after NCLT order: The Mumbai bench of the National Company Law Tribunal (NCLT) had on February 28 ordered Future Group to convene a meeting of shareholders and creditors. After this, now the meeting of shareholders will be held on April 20 and this meeting will be held on April 21 to get approval from the lenders.
Dispute between Reliance, Amazon and Future: In August 2020, Future Group had entered into a deal with Reliance Retail Ventures, a subsidiary of Reliance Industries, for Rs 24,713 crore to sell its retail business. American company Amazon had objected to this deal saying that it has bought 49 per cent stake in Future Coupons Pvt Ltd (FCP), the promoter company of Future Retail, a year ago and the sale of Future Retail cannot be done without its approval. could. Let us tell you, FCP has a 7 percent stake in Future Retail.
Reliance captured stores: Recently, Reuters had claimed in a report that Reliance Retail Ventures has taken over 200 stores of Future Retail due to non-payment of lease money. Apart from this, it is preparing to take over 250 other stores.