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Market regulator SEBI gave a go-ahead on Wednesday to <keyword id="44949" type="CITY" weightage="20" keywordseo="Future-group">Future Group</keyword>'s scheme of arrangement and sale of assets to <keyword id="10926" type="CITY" weightage="20" keywordseo="Reliance">Reliance</keyword>, based on which the Bombay Stock Exchange also granted its "no adverse observation" report to the Rs 24,713-crore deal. Amazon had written several letters to the SEBI and other regulatory agencies to suspend their review of the deal and not grant it a no objection certification on ground that its challenge to the agreement was before the Delhi High Court. The Securities and Exchange Board of India allowed the deal with some riders, five months after it was announced last August. While seeking shareholders or the National Company Law Tribunal approval, the SEBI has asked Future Group to specifically mention the litigation pending before the Delhi High Court and arbitration proceedings by the e-commerce major Amazon contesting the deal, the Bombay Stock Exchange stated in its observation letter. The BSE has also held that SEBI's go-ahead on the draft scheme of arrangement would be subject to the outcome of these proceedings. "It is observed that there are certain ongoing litigations/arbitration/legal proceedings against the draft scheme," the SEBI said. "In view of the same, the company is advised that these comments of SEBI on the draft scheme of arrangement are subject to the outcome of any of the ongoing litigations/arbitration/legal proceeding involving the draft scheme and/or the decision by any competent authority/competent court in this regard," it said. Commenting on the development, a Amazon spokesperson said: "The letters issued by BSE &amp; NSE clearly state that comments of SEBI on the "draft scheme of arrangement" (proposed transaction) are subject to the outcome of the ongoing arbitration and any other legal proceedings. We will continue to pursue our legal remedies to enforce our rights." The SEBI has directed that Future Group shall ensure that the details of the complaints made by Amazon.com NV Investment Holdings LLC and submission of its group firm <keyword id="375475" type="COMPANY" weightage="20" keywordseo="Future-Retail">Future Retail</keyword>. The market regulator directed Future Group to ensure that suitable disclosure about the latest financials of the companies involved in the scheme being not more than six months old was done before filing the same with the NCLT, the BSE said its observation letter. "In the light of above, we hereby advise that we have no adverse observations with limited reference to those matters having a bearing on listing/de-listing/continuous listing requirements within the provisions of Listing Agreement, so as to enable the company to file the scheme with Hon'ble NCLT," the BSE said. The validity of this observation Letter shall be six months, within which the scheme shall be submitted to the NCLT, according to BSE. The exchange reserves its right to withdraw its 'no adverse observation' at any stage if the information submitted is found to be incomplete/incorrect/misleading/false or for any contravention of rules, by-laws and regulations of the exchange, listing agreement, guidelines/regulations issued by statutory authorities," it said. In August 2019, Amazon had agreed to purchase 49 per cent of one of Future's unlisted firms -- Future Coupons Ltd -- with the right to buy into the flagship Future Retail after a period of three to 10 years. Future Coupons holds 7.3 per cent equity in the BSE-listed Future Retail, which operates popular supermarket and hypermarket chains like Big Bazaar -- through convertible warrants. Amazon had dragged Future Group to arbitration at the Singapore International Arbitration Centre (SIAC), arguing that Future violated its contract with the US firm by entering into the deal with rival Reliance. Last October, the SIAC had passed an interim award in favour of Amazon with a single-judge bench of V K Rajah barring Future Retail from taking any step to dispose of or encumber its assets or issuing any securities to secure any funding from a restricted party. Later, the Future Group approached the high court requesting to restrain Amazon from writing letters to regulatory authorities about the SIAC arbitral order. On December 21, a single-member bench rejected it but gave a go-ahead to the regulators to decide over the deal. The court had also made several observations indicating that Amazon's attempt to control Future Retail through a conflation of agreements Amazon has with an unlisted unit of the Indian company would be violative of the Foreign Exchange Management Act and the foreign direct investment rules. Amazon has now challenged the order before the division bench. Moreover, a three-member tribunal comprising Singaporean barrister Michael Hwang, Albert van den Berg and Jan Paulsson, has been formed at the SIAC to look into the tussle between Amazon and Future Group. It has countered Amazon's claims, saying the e-commerce giant had failed to provide any help to the debt-laden firm that suffered a massive setback during the coronavirus lockdown. Amazon contends that there were ongoing discussions on multiple options with partners and with the promoters of Future.

Future Retail-Reliance deal gets SEBI approval, Amazon says it will continue to fight legally

<ul><li>The Kishore Biyani-led company has repaid $14 million interest on foreign bonds to investors </li><li>With this repayment, Future Retails has averted a default and concerns over rating downgrade </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a></li></ul><keyword id="375475" type="COMPANY" weightage="20" keywordseo="Future-Retail">Future Retail</keyword> has averted a default as it repaid around $14 million (around 100 crore) interest on foreign bonds to investors. The company had to pay the interest on bonds worth $500 million due in 2025. The company was given a grace period of 30 days, which officially ended on Saturday, but being a holiday, Monday (August 24) will be considered as the last day. <keyword id="44949" type="CITY" weightage="20" keywordseo="Future-group">Future Group</keyword> runs the Big Bazaar chain of stores. "Today, we are pleased to inform that the Company has made the payment of said interest for the half year ended for an amount of $14 million on above USD Notes," the company said in a regulatory filing. The shares of Future Retail took a hit and fell by 5% on the back of debt repayment deadline concerns. <div type="image" title="future retail new (1)." msid="77713106" hostid="261"></div> The board of Future Group was set to assemble on Saturday, for an important meeting on the acquisition. However, that meeting has been postponed by a week, according to <a href="https://www.business-standard.com/article/companies/future-enterprises-board-meet-on-group-firms-merger-postponed-by-a-week-120082200178_1.html">reports.</a> The group has debts of over $2 billion. And while Biyani and his family hold a 33.5% stake in Future Group, almost all of it has been pledged to lenders. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Percentage of pledged stake </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Future Lifestyle </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">99.78% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Future Supply (FSCL) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">97.62% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Future Consumer </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">92.97% </td></tr></tbody></table> The already-weak Future Group businesses, too have been hit by the COVID-19 pandemic, which has forced malls and retailers to shut down. Earlier in July, the company had sought an extension on its earnings reports, which has already been pending for two quarters. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-on-monday-indiabulls-housing-finance-future-enterprises-ril-tata-power-dixon-tech-rossari-biotech/articleshow/77712262.cms">Top stocks to watch on Monday— Indiabulls Housing Finance, Future Enterprises, RIL, Tata Power, Dixon Tech, Rossari Biotech and more</a>

Kishore Biyani-led Future Retail averts a default — settles $14 million interest payment to investors

<ul><li><keyword id="375475" type="COMPANY" weightage="20" keywordseo="Future-Retail">Future Retail</keyword> has informed the bourses that with Amazon taking the case back to Singapore court, not every stage of the proceeding is a “material event for disclosure”. </li><li>Future Retail also hinted that it wasn’t going to give in to Amazon’s media tactics.</li><li>The statement from Future Retail has come in after the National Stock Exchange warned the company that it could face regulatory scrutiny for not putting out market disclosures on time. </li></ul><keyword id="44950" type="PERSON" weightage="20" keywordseo="Kishore-Biyani">Kishore Biyani</keyword>’s Future Retail (FRL), which is embroiled in a legal battle with e-commerce giant Amazon over its deal with Reliance Retail, has told the bourses that with Amazon taking the case back to Singapore court, not every stage of the proceeding is “material event for disclosure”. In a statement to the stock exchange, the company wrote, “As you are aware, Amazon has initiated arbitration proceedings in Singapore, which the company believes is without merit and without jurisdiction.” Future Retail also hinted that it wasn’t going to give in to Amazon’s media tactics. “Every stage of the proceedings would not lend itself to being a material event for disclosure under Regulation 30 of the LODR Regulations,” the statement said. FRL added that it was making this disclosure “out of abundant caution” since Amazon’s media strategy was to have “every development reported and converted into a line of communication with stock exchanges.” This statement from Future Retail has come in after the National Stock Exchange (NSE) warned the company on November 26 that it could face regulatory scrutiny for not putting out market disclosures on time. NSE’s warning came after<a href="https://economictimes.indiatimes.com/markets/stocks/news/reliance-vs-amazon-nse-warned-future-retail-of-action-over-disclosures/articleshow/79403903.cms"> Amazon complained</a> that <keyword id="44949" type="CITY" weightage="20" keywordseo="Future-group">Future Group</keyword> was misleading the public with incorrect market disclosures. On November 25, the Singapore International Arbitration Centre had <a href="https://www.business-standard.com/article/companies/amazon-future-tussle-singapore-s-arbitration-court-rejects-biyani-s-plea-120112501490_1.html">rejected</a> Future’s plea not to be included in the arbitration. The legal battle began when on October 25, global e-commerce giant Amazon got a stay order on the Future Retail and Reliance deal from a Singapore arbitrator and had written to BSE and SEBI to uphold the decision. Amazon had sent a legal notice to Future Coupons over Future Group’s ₹25,000 crore deal with Reliance. Amazon had <a href="https://www.timesnownews.com/business-economy/companies/article/amazon-sends-legal-notice-to-future-group-for-alleged-breach-rofl-rights-in-reliance-deal/663768">said that </a>it was denied the Rights of First Refusal for the deal with Future Group. The Singapore court had ruled in favour of Amazon and passed an interim order that put the RIL-Future deal on hold. Since then, the matter is subjudice in the Delhi High Court. SEE ALSO: <a href="https://www.businessinsider.in/business/news/amazon-wants-future-retail-to-be-investigated-by-indias-market-regulator-accuses-kishore-biyanis-group-of-insider-trading/articleshow/79170908.cms">Amazon wants Future Retail to be investigated by India’s market regulator – accuses Kishore Biyani’s group of insider trading</a>

Future Retail tells the bourses that not every stage of the Amazon proceedings would be ‘material event for disclosure’

<a href="http://www.businessinsider.in/searchresult.cms?query=Future+group&amp;sortorder=effectivedate">Future group</a> chairman <a href="http://www.businessinsider.in/searchresult.cms?query=Kishore+Biyani+&amp;sortorder=effectivedate">Kishore Biyani </a>has resigned from the post of Managing Director of <a href="http://www.businessinsider.in/searchresult.cms?query=Future+Retail&amp;sortorder=effectivedate">Future Retail</a>. He has also resigned from the post of Joint Managing Director and Director of the company. 
 
This is a restructuring to execute the merger <a href="http://www.businessinsider.in/searchresult.cms?query=Bharti+Retail&amp;sortorder=effectivedate">Bharti Retail</a> with the company announced last year. 
 The resignations would be effective from May 1, 2016, <keyword id="375475" type="COMPANY" weightage="80" keywordseo="Future-Retail">Future Retail</keyword> said in a BSE filing. 
 However, <keyword id="44950" type="PERSON" weightage="60" keywordseo="Kishore-Biyani">Kishore Biyani</keyword> would continue to hold office as non executive director of Future Retail Ltd, it added. 
 
In May last year, <a href="http://www.businessinsider.in/searchresult.cms?query=Future+group&amp;sortorder=effectivedate">Future group</a> agreed to merge its retail business with rival <a href="http://www.businessinsider.in/searchresult.cms?query=Bharti+Retail&amp;sortorder=effectivedate">Bharti Retail</a> in an all-stock deal worth Rs 750 crores to create one of the biggest supermarket chains with Rs 15,000 crores turnover. 
 
Image credit: Indiatimes

Kishore
Biyani is no longer the Managing Director of Future Retail

The <keyword id="6355014" type="UNKNOWN" weightage="20" keywordseo="delhi-high-court">Delhi High Court</keyword> on Wednesday sought response from <keyword id="375475" type="COMPANY" weightage="20" keywordseo="Future-Retail">Future Retail</keyword> Limited on <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword>'s petition to set aside observations in the interim order of a single-bench in a suit filed by the retailer. On December 21, a single-member bench presided by Justice Mukta Gupta had refused to restrain Amazon from interfering in Future Retail's deal with Reliance by writing to the statutory authority in view of the Emergency Award. Pursuant to this, Amazon moved the division bench of the Delhi High Court against the order dated December 21. During the proceedings on Wednesday, the division bench of Chief Justice D.N. Patel and Justice Jyoti Singh issued notice to the Future Retail Limited and slated the matter to February 12. Advocate Gopal Subramanium and Rajiv Nayyar appeared for Amazon. Advocate Harish Salve came on behalf of Future Retail Limited, while Abhishek Manu Singhvi and Darius Khambata for Reliance. Amazon had dragged Future Group to arbitration at Singapore International Arbitration Centre after the firm signed a pact to sell retail, wholesale, logistics and warehousing units to Mukesh Ambani's Reliance in a Rs 24,713 crore deal. As per the Amazon, Future Retail Limited violated the contract by entering into the deal with Reliance. In a fresh plea before the Delhi High Court, Amazon stated, "The learned single Judge made certain prima facie observations on the merits of the Appellant's case in the arbitration proceedings which are inconsistent with the findings of the EA order and thus gravely prejudice the appellant." "The prima facie observations contained in the impugned order effectively resulted in allowing Future Retail Limited to collaterally bypass the EA order," Amazon said. Amazon said Future Retail has been relying on these prima facie observations to misconstrue the true import of the impugned order in an effort to mislead regulators to grant approval to the potential transactions which has forced Amazon to file an appeal to quash and set aside the prima facie observations.

Future Retail vs Amazon: Delhi HC asks the Kishore Biyani group to share responses to a plea filed by the e-commerce giant

The Delhi High Court Tuesday directed <keyword id="375475" type="COMPANY" weightage="20" keywordseo="Future-Retail">Future Retail</keyword> Ltd (FRL) to maintain status quo in relation to its Rs 24,713 crore deal with Reliance Retail, which has been objected to by US-based e-commerce giant Amazon. Justice J R Midha said the court was satisfied that an immediate interim order was required to be passed to protect the rights of Amazon. "Respondents (FRL) are directed to maintain status quo as on today at 4:49 PM till pronouncement of the reserved order," the judge said. Amazon has approached the high court seeking direction to order enforcement of the award by Singapore's Emergency Arbitrator (EA) restraining FRL from going ahead with its Rs 24,713 crore deal with Reliance Retail. Amazon has sought to restrain Kishore Biyani-led Future Group from taking any steps to complete the transaction with entities that are a part of the Mukesh Dhirubhai Ambani (MDA) Group.

Amazon gets interim relief, Delhi High Court directs Future Retail to maintain status quo on deal with Reliance

E-commerce giant <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword> has moved the Supreme Court against the Future-Reliance Retail deal. On February 8, the Delhi High Court had stayed the implementation of status quo ordered by a single-judge bench on the Rs 24,713-crore deal between Future Retail Ltd and Reliance. The e-commerce company has challenged this Delhi High Court Division Bench order, which stayed the implementation of the "status quo" on the deal. The Division Bench of Chief Justice D.N. Patel and Justice Jyoti Singh noted: "There was no reason to seek a status quo order from single-judge bench. Statutory authorities cannot be restrained from proceeding in accordance with law". The bench also observed that Future Retail Ltd is not a party to the Arbitration Agreement and hence, the group of companies doctrine cannot be invoked. "Observations are only prima facie. Single judge not to be influenced," the High Court had noted. Earlier, Future Retail Ltd had moved the division bench to appeal against the status quo order passed by Justice J.R. Midha. According to sources, Amazon filed an appeal in the top court after the high court dealt a blow to the US firm by revoking a previous court decision that effectively blocked the deal. In its plea, Amazon contended that the division bench should have waited for a detailed single-judge order and urged the top court to stay this order. Amazon had moved the Delhi High Court last month for enforcement of the Emergency Award. It had alleged that Future Group's <keyword id="44950" type="PERSON" weightage="20" keywordseo="Kishore-Biyani">Kishore Biyani</keyword> as well as other promoters and directors were "deliberately and maliciously" disobeying the Emergency Award in spite of their participation in the arbitration proceedings.

Amazon, Future Retail battle far from over – Jeff Bezos-led e-commerce giant moves Supreme Court to stop Kishore Biyani’s deal with Reliance

<ul><li>On Thursday, the <keyword id="6355014" type="UNKNOWN" weightage="20" keywordseo="delhi-high-court">Delhi High Court</keyword> upheld the emergency arbitrator’s award in favour of the Jeff Bezos-led company.</li><li>The shares of Kishore Biyani’s <keyword id="375475" type="COMPANY" weightage="20" keywordseo="Future-Retail">Future Retail</keyword> plunged by 9.99% on Friday morning.</li><li>However, Future Group said that the order would have no impact as the matter is in the Supreme Court.</li></ul>The shares of Kishore Biyani’s Future Retail Ltd plunged 9.99% at 11.25 am on Friday, one day after Future Group lost the case against <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword> in the Delhi High Court. The company’s shares were trading at ₹55.85 at the time. The debt-ridden Future Retail, whose woes only worsened during the COVID-19 pandemic, had been acquired by Asia’s richest man Mukesh Ambani’s Reliance Retail. But for over six months, the deal has been tangled in legal cases, with an opposition from e-commerce giant Amazon. Over the last year, Future Retail’s share price has more than halved. <div type="image" title="frl share price" msid="81583605" hostid="261"></div> On Thursday, the Delhi High Court upheld the emergency arbitrator’s award in favour of the Jeff Bezos-led company. The judgement given by Justice JR Midha said that Future Retail, Future Coupons, Kishore Biyani and others violated the Emergency Award, and also questioned ‘why should they not be detained in prison,’ reported legal news platform <a href="https://twitter.com/barandbench/status/1372508624497508361">Bar &amp; Bench.</a> The High Court also directed Future Group to approach authorities to recall all approvals granted to Future Retail-Reliance deal. The court also asked Biyani’s Future Group to place on record any action taken by it in connection with the Reliance deal after October 25, 2020, while also slapping a ₹20 lakh fine on the company. In a regulatory filing today morning, Future Retail said that “this order does not come in the way of continuance of the ongoing NCLT proceedings”, as the matter is already in the Supreme Court. Earlier in January 2021, Future Group had moved the National Company Law Tribunal (NCLT) seeking an approval to hold its shareholders meeting for the scheme of amalgamation with Reliance group. “The Hon’ble Supreme Court, in its order in Amazon’s appeal, has not vacated the stay granted by the Hon’ble Division Bench (which stay is still in operation). The Hon’ble Supreme Court has directed that, in the meantime, the NCLT proceedings will be allowed to go on but will not culminate in any final order of sanction of scheme,” said the company. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/delhi-high-court-brings-up-civil-prison-for-violation-directs-future-group-to-recall-approvals-granted-to-future-retail-reliance-deal/articleshow/81570521.cms">Kishore Biyani vs Amazon – Delhi High Court brings up ‘civil prison’ for violation by Future Group, asks for recall of approvals granted to Future Retail-Reliance deal</a> <a href="https://www.businessinsider.in/stock-market/news/easemytrip-ipo-listing-price-at-13-5-premium/articleshow/81581828.cms">EaseMyTrip lists at 13.5% premium – but gives up some of the listing gains soon after</a>

You Searched For "Future Retail" and got 8 results

Future Retail-Reliance deal gets SEBI approval, Amazon says it will continue to fight legally

PTI

Kishore Biyani-led Future Retail averts a default — settles $14 million interest payment to investors

Sanchita Dash

Future Retail tells the bourses that not every stage of the Amazon proceedings would be ‘material event for disclosure’

Sanchita Dash

Kishore Biyani is no longer the Managing Director of Future Retail

BI India Bureau

Future Retail vs Amazon: Delhi HC asks the Kishore Biyani group to share responses to a plea filed by the e-commerce giant

IANS

Amazon gets interim relief, Delhi High Court directs Future Retail to maintain status quo on deal with Reliance

PTI

Amazon, Future Retail battle far from over – Jeff Bezos-led e-commerce giant moves Supreme Court to stop Kishore Biyani’s deal with Reliance

IANS

Future Retail shares take a massive hit as it loses the case against Amazon in Delhi High Court

Sanchita Dash

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