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The bench also appointed Sanjay Gupta as the liquidator in the matter.
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He has partnered with actor Rana Daggubati, Apurva Salarpuria of Salarpuria Group, and Anuj Kejriwal of realty broker Anarock for the venture christened 'Broadway', as per a statement.
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The Sobo Central mall was run by Future Group Promoter Kishore Biyani's firm, and was opened in the late 1990's. Named as Crossroads Mall, it was one of the preferred destination for shopping and socialising at the time
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The tribunal said that the demerger information was available in the public domain
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This was the third extension by the Mumbai bench of the National Company Law Tribunal (NCLT).
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Kishore Biyani wanted to learn how Tirupati temple authorities handle the huge influx of devotees and apply those lessons to his own business.
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Kishore Biyani had submitted his resignation on January 23, amid the ongoing insolvency proceedings.
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"The resignation letter of Mr. Kishore Biyani shall be placed before the Committee of Creditors, as per the Insolvency and Bankruptcy Code, 2016 read with rules and regulations framed thereunder," Future Retail said in a regulatory filing.
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Last week, the Bank of India had filed a petition before the National Company Law Tribunal to initiate insolvency proceedings against debt-ridden Future Lifestyle
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String of resignations started after the Rs 24,713-crore deal was called off last month by the billionaire Mukesh Ambani-led Reliance Industries after creditors voted against it.
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Lenders think a group insolvency process could be the best way forward for banks to maximise debt recovery and reduce legal hurdles.
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The stronger and charismatic the founder, the weaker the organisation in its second generation, says a new research paper. Indian business is replete with examples of strongman founders destroying the organisations they’ve built
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Elara Capital upgraded RIL to buy from accumulate on revived refining margin, Petchem demand above pre-Covid level, Retail revival to pre-Covid level, Jio’s ARPU growth prospects and new energy investment visibility.
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Maheshwari, who quit Twitter in December, did not disclose the size of the round but said he diluted less than 15 percent equity
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The top court’s intervention does not mean that the Future-Reliance deal can go through. Instead, it has set the clock back by a few months in this long-drawn legal battle.
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Future Retail's lenders told the court that the banks have nothing to do with either Amazon’s interests in Future Retail’s business or with the asset sale deal between Future Retail and Reliance
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The Kishore Biyani-led group had challenged orders of the Delhi High Court passed in February 2021 that directed for the enforcement of the emergency award and came down heavily on Biyani.
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Directing both Amazon and Future group to file a smaller number of documents, the court adjourned the hearing to December 8.
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RIL’s counsel Janak Dwarkadas told the Mumbai bench of the tribunal that Reliance and its entities are neither parties to the proceedings between Amazon and Future in the SIAC nor to the matter that is being heard in the Supreme Court. Reliance, therefore, the counsel argued, should be allowed to call a shareholder meeting to consider the deal with FRL.
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Under the new plans, the repayment of loans will be extended up to two years, while the unpaid interest to be converted into a funded interest term loan. The penal charges will too be waived off under the recast plan.
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"COVID or not, the show must go on. Ultimately, it's about doing business," Kishore Biyani, CEO of Future Group, said.
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The genesis of the ongoing litigation lies in an emergency order of the arbitrator which had ruled in favour of Amazon. On January 25, 2021, the US firm had sought to enforce the emergency order which it had won against the Future Group by preferring an application before a single judge of the Delhi High Court.
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The group’s members are convinced that if the contentious Amazon interference in the Future Group-Reliance deal is permitted to proceed, the most severely hit will be these small-town retail women employees.
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The tribunal has however directed Future Group’s promoters to deposit Rs 11 crore as an “interim measure.” The case to be heard next on April 12, 2021.
