Important meeting of Future Group next week, Future Retail denies Amazon’s opposition, says- meeting organized on the orders of NCLT
There is an important meeting of the Future Group on April 20.
On the opposition of Lake Amazon to this meeting, Future Retail said that the meeting has been organized as per the directions of NCLT. On April 20, the shareholder’s meeting will discuss a deal worth Rs 24713 crore with Reliance.
Next week Future Group (Future Group) is about to have an important meeting. In this meeting of the shareholders, Reliance-Future Group’s deal worth Rs 24713 crore (Reliance Future Deal) on the opinion of investors will be taken. Amazon Future Retail (Future Retail) on which Future Retail has spoken. Future Retail said that this meeting of shareholders has been organized on the orders of NCLT. E-commerce company Amazon had called this meeting illegal. The Future Group is embroiled in a legal dispute with Amazon regarding the Rs 24,713 crore deal it struck with Reliance.
Issuing a clarification, FRL told the stock exchange that the meeting has been called under the directions of the National Company Law Tribunal (NCLT). Future has called a shareholders’ meeting on April 20 and a meeting of creditors on April 21 for the proposed Rs 24,713 crore deal with Reliance.
The deal was done between Reliance and Future Group in 2020
Future Group in the year 2020Reliance Retail to Logistics and Warehouse Business ,Reliance Future Group deal) had decided to sell. Reliance Retail is a subsidiary of Mukesh Ambani’s company Reliance Industries. This deal was opposed by Amazon. Actually, Amazon bought 49 percent stake in Future Coupons in the year 2019. This deal was done for 1500 crores. Amazon alleged that Future Group should have taken approval before entering into any deal with Reliance.
These are the companies of Future Group
Future Group companies include Future Consumer, Future Lifestyle Fashions, Future Market Networks, Future Retail, Future Supply Chain Solutions and Future Enterprises Ltd. The shareholders’ meeting of these companies will be held on April 20.
19 companies will be sold to Reliance Retail
Future Group’s deal was signed with Reliance in August 2020. Under this, 19 companies of Future Group will be merged together to form a single company. After that it will be transferred to Reliance Retail.
Deadline has been extended three times
In August 2020, Future Group had decided to sell the loss making retail and wholesale business to Reliance Retail. Amazon put a halt in the middle. Dell’s deadline of 24713 crores between Future and Reliance is expiring in March 2022 itself. Reliance has extended the deadline for this deal by six months to 30 September 2022. This deadline has been extended thrice so far by Reliance Retail Ventures Limited ie RRVL. The first deadline was till 31 March 2021. Later it was increased to 30 September 2021. Again it was increased to 31 March 2022. Again it has been increased to 30 September 2022.