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.
Lenders think a group insolvency process could be the best way forward for banks to maximise debt recovery and reduce legal hurdles.
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
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.
Maheshwari, who quit Twitter in December, did not disclose the size of the round but said he diluted less than 15 percent equity
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.
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
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.
Directing both Amazon and Future group to file a smaller number of documents, the court adjourned the hearing to December 8.
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.
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.
"COVID or not, the show must go on. Ultimately, it's about doing business," Kishore Biyani, CEO of Future Group, said.
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.
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.
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.
As per the order, Amazon had no reason to seek status quo order, when it wasn’t interested in the deal.
India’s capital market regulator on February 3 barred Future Group CEO Kishore Biyani from accessing the securities market for a year after its investigation revealed insider trading in shares of its retail unit in 2017.
FRL contended before a bench of Chief Justice D N Patel and Justice Jyoti Singh that Amazon was not concerned if the deal falls through then all the shops of the Indian company would be closed down and it’s more than 25,000 employees would be without any livelihood.
What were the wrongdoings that the investigation by India’s capital market regulator revealed and how did it establish the alleged charges against Kishore Biyani and Future Group entities? The big questions answered below.
Kishore Biyani, other people and entities involved were also slapped with a penalty of Rs 3.7 crore.
Kishore Biyani, three others and a few related entities cannot buy, sell or deal in securities of Future Retail Ltd for two years, ruled capital market regulator based on an insider trading case in 2017.
Amazon.com Inc’s bid to stall Future Group’s $3.4 billion retail assets sale is similar to Alexander the Great’s “ruthless ambition to scorch the earth”, the Indian group’s CEO Kishore Biyani said on January 30.
Indian stock exchanges this month cleared Future’s deal with Reliance, despite Amazon’s repeated requests to regulators to block the deal.
Kishore Biyani, while referring to the Amazon-Future Retail deal, said this was a corporate battle being fought for supremacy over Indian customers.
Referring to the agreement between Future Coupons Private Limited (FCPL) and Amazon, eminent lawyer Harish Salve argued that the real intention of Amazon - as it shows - was to blow smoke in the eyes of the Indian authorities.