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The All India Garment Manufacturers &amp; Vendors Association (AIGMVA) has demanded that <keyword id="44949" type="General" weightage="80" keywordseo="future-group" source="Orion">Future Group</keyword> owner <keyword id="44950" type="General" weightage="80" keywordseo="kishore-biyani" source="Orion">Kishore Biyani</keyword> should pay up their dues of over Rs 200 crore pending since 2019, here on Wednesday. The AIGMVA, comprising around 350 members from Maharashtra, Gujarat, Madhya Pradesh, Rajasthan Punjab, Karnataka, Tamil Nadu, Andhra Pradesh, Telangana and Kerala, has warned <keyword id="49454" type="General" weightage="100" keywordseo="biyani" source="Orion">Biyani</keyword> of legal action if he fails to clear their dues. In a statement, the AIGMVA advisor and Trade Union Joint Action Committee (TUJAC) Convenor Vishwas <keyword id="313080" type="General" weightage="80" keywordseo="utagi" source="Orion">Utagi</keyword> said that the producers and suppliers had supplied the garments as ordered by Biyani's group of companies between 2019-2022. "Each manufacturer-vendor has dues of between Rs 70 crore to over Rs One crore and the total amount plus interest would be around Rs 500 crore. We want the union government and all the concerned state governments also to intervene and get the huge amount cleared immediately," Utagi demanded. A garment producer from Thane said that a majority of them had availed bank loans to fulfil the Future Group's orders then but since Biyani did not pay up their bills, now the banks are hounding the manufacturers and suppliers for default and refusing to give more loans. "Due to this, over 100,000 are directly hit and along with their families and other stakeholders, more than five lakh people are on the verge of joblessness and starvation due to Future Group, explained Utagi. He said that the Future Group was last year sold to the Reliance Group and in this deal, the poor vendors comprising the backbone MSME sector of the Indian economy have been left in the lurch. A vendor from Gujarat said that their profit margins are very thin, they have no cash surplus and they survive on a cash-credit facility with regular payments to their suppliers, employees, establishment costs, EMIs, etc. "Owing to Future Group, our 100 per cent working capital is blocked, totally paralysing our operations, and now banks are hounding us with notices of loan defaults, some members have sold off family gold, saving or even their shops or homes to clear their dues and are now practically homeless," he said. The AIGMVA and TUJAC also plan to file cases against the Future Group in different states, write to Members of Parliament and Members of Legislatures to highlight their plight and urge the government's intervention to compel Biyani to pay up the entire dues and end the matter. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/meta-alphabet-amazon-among-companies-that-laid-off-most-employees-in-2023/slidelist/98656731.cms">Meta, Alphabet, Amazon among companies that laid off most employees in 2023</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/most-polluted-cities-in-india/slidelist/98657500.cms">39 out of 50 most polluted cities are in India; here are some key facts</a>

Garment producers demand ₹200 crore dues from Kishore Biyani's Future Group

<keyword id="35210" type="General" weightage="20" keywordseo="Sebi" source="Orion">SEBI</keyword> has imposed a penalty totalling Rs 20 lakh on <keyword id="2951205" type="General" weightage="20" keywordseo="Future-Corporate-Resources" source="Orion">Future Corporate Resources</keyword>, <keyword id="44950" type="General" weightage="20" keywordseo="Kishore-Biyani" source="Orion">Kishore Biyani</keyword> and 13 others for failing to make a public announcement of an <keyword id="6694776" type="General" weightage="20" keywordseo="Open-offer" source="Orion">open offer</keyword> to the shareholders of <keyword id="17303831" type="General" weightage="20" keywordseo="Praxis-Home-Retail" source="Orion">Praxis Home Retail</keyword>. They have been asked to pay the fine within 45 days, the Securities and Exchange Board of India (SEBI) said in its order. SEBI found that Future Corporate Resources Pvt Ltd (FCRL) along with 14 entities failed to make a public announcement of an open offer following the increase in the shareholding of FCRL in Praxis. Praxis' equity shares aggregating to 30 lakh were allotted to one of its promoter entities FCRL, following the exercise of the conversion option of 3,180 compulsorily convertible debentures (CCDs) by FCRL, out of the 7,500 CCDs initially allotted to it. After exercising the conversion option, the shareholding of FCRL in Praxis rose from 47.43 per cent in the quarter ended December 2019 to 53.13 per cent, an increase of 5.71 per cent in shareholding as of February 11, 2020. "As the increase in shareholding of FCRL in Praxis post-allotment is 5.71 per cent, which is more than five per cent, FCRL along with the other Noticees (PACs) allegedly were required to make a public announcement of the open offer under...SAST (Substantial Acquisition of Shares and Takeovers) Regulations," SEBI said in its order passed on Friday. However, SEBI noted that "Noticees (15 entities) did not make a public announcement of the open offer, till date, in the instant matter" and violated the provisions of SAST norms. SAST regulations were triggered in respect of the allotment of shares and the subsequent increase in the shareholding of FCRL. The rule mandates that the acquirer and persons acting in concert with it will be jointly and severally responsible for the fulfilment of the obligation. One of the purposes of obligations in respect of an open offer is to provide an exit option to the shareholders other than the promoters of the target company, SEBI said. Accordingly, SEBI has levied a fine of Rs 10 lakh on FCRL and Rs 10 lakh together on 14 entities -- Kishore Biyani, Akar Estate and Finance, Surplus <keyword id="3777368" type="DOMAIN" weightage="20" keywordseo="finvest" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="finvest" meta.entityname="Apollo Finvest (India) Ltd." meta.entityid="10882" meta.seoname="apollo-finvest-(india)-ltd">Finvest</keyword>, Retail Trust, Anil Biyani, Ashni Kishore Biyani, Avni Biyani, Gopikishan Biyani, Laxminarayan Biyani, Rakesh Biyani, Sangita Biyani, Sunil Biyani, Vijay Biyani and Vivek Biyani. These 15 entities constitute the promoter and promoter group entities of Praxis before and after the allotment of the shares pursuant to the exercise of conversion of CCDs. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/google-pays-entire-1338-crore-penalty-to-cci-in-android-case/articleshow/99932555.cms">Google pays entire ₹1,338 crore penalty to CCI in Android case</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/hugh-grant-says-playing-the-bad-guy-is-more-fun-delicious/articleshow/99931571.cms">Hugh Grant says playing the bad guy is 'more fun &amp; delicious'</a>

SEBI fines Future Corporate Resources, Kishore Biyani, 13 others for open offer lapses

New Delhi, <keyword id="44950" type="PERSON" weightage="20" keywordseo="Kishore-Biyani">Kishore Biyani</keyword>, Future Coupons and Future Corporate Resources have said that totally disillusioned and fed up with <keyword id="18635" type="COMPANY" weightage="20" keywordseo="Amazon">Amazon</keyword>'s lackadaisical attitude, they were left with no option but to accept the offer from <keyword id="10926" type="COMPANY" weightage="20" keywordseo="Reliance">Reliance</keyword>. This communication to Amazon is a response to their notices and addressed on behalf of Future Corporate Resources Private Limited (FCRPL), Kishore Biyani and other promoters. "At the further outset, we deny that we have acted contrary to and reneged on contractual obligations for personal gain or benefit, as alleged or at all. Such assertions are wholly unsubstantiated," Biyani said. "You were well aware that in light of the disruption caused due to the Covid-19 pandemic, the lenders were chasing various companies of the Future Group for honouring their obligations," he said. "Being totally disillusioned and fed up with your lackadaisical attitude, we were left with no option, but to accept the offer from the Reliance. Given the fact that Reliance is one of the largest conglomerates in the country and globally, we believed that this was the best deal in the interest of all the stakeholders of various companies of Future group including FRL, as it addressed the concerns of the lenders, employees, shareholders (public shareholders of the listed companies) of the Future Group companies including FRL. You, alone, are responsible for contributing to this situation, having failed to bail out FCPL and/or the Promoters from preventing alienation or disposal of the Promoter FRL Securities," Biyani told Amazon. "In fact, during the period March to August 2020, all your actions lacked good faith. Except for offering lip service and perfunctorily attempting to show your concern, there were no serious or genuine efforts made by you. The correspondence during this period bears out that you really had no intention to assist the Promoters/FCPL in preventing the alienation or disposal of the <keyword id="375475" type="COMPANY" weightage="20" keywordseo="Future-Retail">Future Retail</keyword> shares. What you merely did, was put up a facade of 'facilitating' the raising of finance by the Promoters," Biyani said. "In such dire circumstances, you were not expected to sit on the fence by simply calling for information and data and doing nothing to prevent the alienation and disposal of the Promoter FRL Securities. The least you could have done, was to nominate replacement financial institutions (RFIs) as soon as possible, or within reasonable time. By not nominating any RFIs, you contributed to the deterioration of the asset value of Promoters FRL Securities," Biyani said. Biyani said if the transaction with the Reliance/MDA Group was not finalised, FRL would inevitably have faced insolvency and/or liquidation, in which event, the entire equity would have been wiped out, leaving you with nothing. "We, therefore, deny having acted for personal gain, as alleged or at all. We have, in fact, acted in public interest, namely, in the interest of the banks, other lenders, and public shareholders. We have also ensured that the investments of FCPL continue to remain encumbrance free," he said. "Your contention, that there is a 'single integrated transaction', also violates the Foreign Exchange Management Act, 1999 (FEMA). Therefore, the two SHAs must be regarded as independent," he said. Biyani said, "We put-forth various alternative proposals for your consideration, including a proposal to increase Amazon's effective shareholding in FRL from 4.8 to 19.1 per cent, by investing an additional Rs 1,11,470 Crores, we made attempts to negotiate with other financial institutions and/or funds (for example Samara) to prevent alienation or disposal of Promoter FRL Securities, we could not go ahead with Samara because they wanted your NOC which was not forthcoming; we also explored the possibility of forming a consortium of financial institutions including other investors, who wanted your participation, which you did not consent to, using FDI laws as the reason, you were at all times fully aware of the exclusivity period with Reliance of four weeks from July 2, 2020 and its extension upto August 14, but as party to FCPL SHA made no concrete plan or proposal."

Kishore Biyani lashes out at Amazon, says Future Group was disillusioned and fed up with the company's lackadaisical attitude

OYO’s Ritesh Agarwal and Future Group’s Kishore Biyani did not make the cut this year to be among India’s richest billionaires

In a major relief for <keyword id="375475" type="COMPANY" weightage="20" keywordseo="Future-Retail">Future Retail</keyword> CEO <keyword id="44950" type="PERSON" weightage="20" keywordseo="Kishore-Biyani">Kishore Biyani</keyword>, the Securities Appellate Tribunal (<keyword id="6379242" type="UNKNOWN" weightage="20" keywordseo="SAT">SAT</keyword>) has stayed the SEBI's order restricting him along with other promoters of the group from the securities market for alleged insider trading in the scrip of Future Retail (FRL). A company statement said the appellate tribunal has stayed the "effect and operation" of SEBI's order accusing the promoters of the <keyword id="44949" type="CITY" weightage="20" keywordseo="Future-group">Future Group</keyword> of insider trading in the context of purchases of Future Retail shares made in March 2017. As per the company, the restructuring of the home furnishing businesses in the Future Group -- with the physical store format of Future Retail and online store format of Future Enterprises being demerged into a new company -- had been well known in the public since 2016. Future Group counsel Somasekhar Sundaresan argued that the actual terms of the restructuring were initiated only in April 2017 while the purchases were made in March to avail of the acquisition limits under the takeover regulations. SAT, however, has directed Future Group promoters to deposit a sum of Rs 11 crore as an interim measure. The case will now come up on April 12, 2021. Earlier this month, the capital market regulator SEBI barred Biyani, among others, from the securities market for a period of one year for insider trading in the scrip of Future Retail (FRL). The other entities and individuals barred by SEBI from the securities market were Future Corporate Resources Private Limited (FCRPL), Kishore Biyani's brother Anil Biyani, Rajesh Pathak and Rajkumar Pande. An investigation had found that some of the entities traded in shares of Future Retail on the basis of unpublished price sensitive information (UPSI) violating SEBI norms during the period between March 10 and April 20, 2017, said the SEBI order. Further, the notices were also restrained from buying, selling or dealing in the securities of Future Retail Limited (FRL), directly or indirectly, in any manner whatsoever, for a period of two years. SEBI in its order had also asked Future Corporate Resources, Kishore Biyani and Anil Biyani to jointly and severally disgorge an amount of over Rs 17.78 crore along with an interest at the rate of 12 per cent per annum from April 20, 2020 till the date of actual payment.

Kishore Biyani heaves a sigh of relief as SAT stays the SEBI ban until further notice

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

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

<ul><li>In a board meeting today, <keyword id="375475" type="COMPANY" weightage="20" keywordseo="Future-Retail">Future Retail</keyword> approved to issue non-convertible debentures for upto ₹650 crore.</li><li><keyword id="44950" type="PERSON" weightage="20" keywordseo="Kishore-Biyani">Kishore Biyani</keyword> led Future <keyword id="6354851" type="UNKNOWN" weightage="20" keywordseo="retail">Retail</keyword> has rising debts as well as loss in revenue due to the coronavirus pandemic in its increasing list of problems.</li><li>Future Consumer is currently looking to raise ₹300 crore through a rights issue.</li></ul>Kishore Biyani led Future Retail is looking to raise money through cheaper loans to repay some of its debt that has piled up to nearly $2 billion. Investors cheered the approval from the Board of Directors and the stock of Future Retail, which runs <keyword id="6357823" type="UNKNOWN" weightage="20" keywordseo="big-bazaar">Big Bazaar</keyword>, Eazyday stores across India, jumped as much as 5% <div type="image" title="future retail latest." msid="76029094" hostid="261"></div> In a board meeting today, Future Retail approved to issue non-convertible debentures for upto ₹650 crore. The filing on the stock exchange says that it will be done in “one or more tranches from time to time mainly to replace its existing high cost current or near term maturity debts requirements.” Biyani has been struggling to find investors for some time now. Future Consumer is currently looking to raise ₹300 crore through a rights issue. By March 2020, ratings agency ICRA had already placed a negative rating on Biyani’s company because of its debt. “Icra notes the increase in debt is mainly on account of an increase in debt of the operating companies, with the total debt at the group’s listed companies increased to ₹12,778 crore as on 30 September 2019 from ₹10,951 crore as on March 31, 2019," the rating agency said. The rising debt is coupled with the problems from the coronavirus pandemic where Future Retail has seen its revenues take a serious hit. In the third quarter of FY20 ending December 2019, Future Retail posted a 15% fall in profit and a 3% fall in revenue. The disruptions due to COVID-19 pandemic will only make it worse. The chain of stores don’t just sell grocery but a major source of its revenue comes from its apparel section which saw no sales for the lockdown period. ““Future Retail is only able to sell its lower-margin essential items, which has led to monthly sales declining by around 75% in March and April 2020 from normal levels, and continues to limit Future Retail’s ability to generate cash to meet working capital requirements,” <a href="https://www.forbes.com/sites/anuraghunathan/2020/05/15/indian-retail-pioneer-faces-stress-test-amid-coronavirus-pandemic/#77e2274a11ae">Fitch reportedly said citing ‘substantial risk’ to its rating.</a> See Also: <a href="https://www.businessinsider.in/business/startups/news/byjus-co-founder-reveals-that-revenue-has-doubled-to-2800-crore-in-a-year-and-that-is-just-the-start-of-a-glorious-run/articleshow/76026424.cms">EXCLUSIVE: BYJU’s co-founder reveals that revenue has doubled to ₹2800 crore in a year⁠ — and that is just the start of a glorious run</a>

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Garment producers demand ₹200 crore dues from Kishore Biyani's Future Group

IANS

SEBI fines Future Corporate Resources, Kishore Biyani, 13 others for open offer lapses

PTI

Kishore Biyani lashes out at Amazon, says Future Group was disillusioned and fed up with the company's lackadaisical attitude

IANS

OYO’s Ritesh Agarwal and Future Group’s Kishore Biyani did not make the cut this year to be among India’s richest billionaires

Prabhjote Gill

Kishore Biyani heaves a sigh of relief as SAT stays the SEBI ban until further notice

IANS

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

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

PTI

Future Retail is looking to get cheaper loans to pay off old debts⁠— that’s good enough for the stock to jump 5%

Sanchita Dash

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