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  Future Retail Ltd (FRL) on Wednesday held a meeting of its shareholders to consider and approve the sale of the company's retail assets to billionaire Mukesh Ambani's Reliance Retail Ventures Ltd . The meeting was chaired by Shailesh Haribhakti, FRL said in a regulatory filing. Haribhakti has been appointed by the NCLT to chair the meeting. The result of the voting will be announced in due course, it added. The meeting was held through video conferencing and "requisite quorum was present", the filing added. Read More

  Two of the world’s richest men, fighting over a near-bankrupt Indian retailer, have made so much noise that its board has woken up super cranky. In less than a week, the three independent directors of Future Retail Ltd . have shot off two letters to the country’s competition authority, alleging that Amazon.com had deliberately misled the regulator about the true nature of its 2019 investment in a related entity. They want the antitrust watchdog to cancel the transaction. The 2025 dollar bonds of Future Retail rose a little Monday, though they still trade at 61 cents to the dollar. Based on what an arbitration tribunal in Singapore has had to say on the issue of alleged misrepresentation by Amazon, the maneuver looks like a long shot. But one never can predict the course of regulatory action in India. If the gambit succeeds, Asia’s wealthiest businessman, Mukesh Ambani, may be able to get his hands on Future’s retail stores after all, a deal Amazon boss Jeff Bezos has so far m...

Market regulator SEBI gave a go-ahead on Wednesday to Future Group's scheme of arrangement and sale of assets to Reliance, based on which the Bombay Stock Exchange also granted its "no adverse observation" report to the Rs 24,713-crore deal. Reliance Future deal The Securities and Exchange Board of India (SEBI) allowed the deal with some riders, five months after it was announced last August.   ALSO READ: Delhi HC rules Amazon's attempt to control Future violative of FEMA FDI The SEBI has said the litigation pending before the Delhi High Court and arbitration proceedings by the global e-commerce major Amazon contesting the deal should be specifically mentioned by Future Group while seeking shareholders or the National Company Law Tribunal approval, the BSE stated in its observation letter. Read More

  On August 29 this year, the Future Group announced sale of its retail and wholesale business to Reliance Retail in a Rs 24,713 crore deal The Delhi High Court will pronounce its verdict on Future Retail Ltd ’s plea to restrain Amazon from writing letters to regulators against its asset sale with Reliance Industries. The court had reserved its verdict for today on November 20. On August 29 this year, the Future Group announced sale of its retail and wholesale business to Reliance Retail in a Rs 24,713 crore deal. It announced plans to merge key group companies, including Future Retail, Future Lifestyle Fashions, Future Consumer, Future Supply Chains and Future Market Networks into FEL. However, the Jeff Bezos led company argued that a 2019 pact it signed with Future prevented the Indian company from selling its retail assets to certain parties. Read More