Future group to carry shareholder, collectors meet on April 20-21

Future Group will convened shareholders and collectors assembly in April to hunt their approval for the proposed `24,713-crore take care of Reliance Industries (RIL).

The listed corporations together with Future Enterprises, Future Retail, Future Consumer, Future Lifestyle Fashions and Future Supply Chain will maintain the conferences on April 20 and April 21, in keeping with separate inventory trade filings by the businesses. The conferences could be held by videoconferencing and different digital means.

This follows an order by the National Company Law Tribunal (NCLT) on February 28, following a February 15 Supreme Court order which permitted Future group firms to convene a shareholders and collectors assembly, they added. In 2020, Future Group had signed a deal to promote its retail, logistics and warehousing companies to Reliance Retail, a subsidiary of billionaire Mukesh Ambani-controlled RIL.

However, the deal is entangled in a authorized tussle after US e-commerce main Amazon opposed the scheme, citing the 2019 pact it had entered into with Future. Amazon — which had purchased a 49 per cent stake in Future Coupons, the promoter entity of Future Retail, for about Rs 1,500 crore — alleged violation of sure phrases within the deal signed in 2019.

Last week, Future Retail mentioned it was dedicated to getting again the tons of of shops that have been taken over by the Reliance Group and claimed that the “drastic and unilateral action” taken by Reliance had come as a shock.