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  • Satyajit Ray’s work evokes initiatives from Big Bazaar, Roadshow at Cannes

    By IANS

    LOS ANGELES: A restored model of Indian maestro Satyajit Ray’s ‘The Adversary’ is enjoying at Cannes Classics this yr and movies impressed by his works are being deliberate.

    Kolkata-based Indian producer-director Aritra Sen’s Roadshow Films and Los Angeles-based British writer-director Alex Harvey’s Big Bazaar Films are producing two movies this yr, which take their inspiration from Ray’s life and work, studies ‘Variety’.

    First up is function documentary ‘Forest of Humans’, which appears at Ray’s inventive relationship with Kolkata, town the place he lived and labored all his life.

    Directed by Harvey and produced by Sen, the documentary explores the numerous methods by which Ray used Kolkata’s various humanity to create a complete cinematic world. Filming virtually fully on location in Kolkata, ‘Forest of Humans’ goals to indicate how Ray’s poetic world continues to be mysterious and alive within the metropolis at the moment.

    “Kolkata endlessly fed Ray’s imagination,” says Sen.

    “In return Ray gave the city its sense of self.”

    “His films never try to idealise Kolkata but constantly transform how it is perceived,” says Harvey.

    “Look at ‘The Adversary’s’ disaffected anti-hero who is seen apart from his city, unable to find solace in its casual pleasures.”

    ‘The Adversary’ additionally partly offers the inspiration for ‘Prantik’, a recent drama set in Kolkata and London.

    It takes as its start line the same premise – the story of a younger man who, when his father dies, is pressured to make his personal method within the metropolis. ‘Prantik’, which can be directed by Sen, with Harvey serving as inventive producer is slated to shoot this fall.

    “In addition to ‘Prantik’ and ‘Forest of Humans’ we’re also planning a period film called ‘Niru,’ set in the Calcutta (as the city was called then) of the 1880s, at the height of the Raj, and based on Ibsen’s play, ‘A Doll’s House.’ Ray’s extraordinary film, ‘Charulata’, is proving to be a great creative inspiration for that project,” Harvey and Sen mentioned.

    Both filmmakers mentioned they’re dedicated to exploring the wealthy legacy provided by Ray.

    “Ray was the reason I wanted to work in film, the reason I feel in love with cinema,” says Sen.

    “Ray is the most complete auteur in the history of cinema. He wrote, designed, directed, edited and even composed the musical score for his films. You can learn everything from Ray.”

    Sen beforehand produced collection ‘Feluda’ based mostly on tales by Ray. Harvey’s final movie was combined martial arts documentary ‘Enter the Jungle’

  • SEBI approves Reliance-Future deal, BSE grants ‘no-adverse-observation’ standing

    Image Source : ANI FILE SEBI approves Reliance-Future deal, BSE grants ‘no-adverse-observation’ standing
    Market regulator SEBI gave a go-ahead on Wednesday to Future Group”s scheme of association and sale of property to Reliance, based mostly on which the Bombay Stock Exchange additionally granted its “no adverse observation” report back to the Rs 24,713-crore deal.

    Amazon had written a number of letters to the SEBI and different regulatory businesses to droop their overview of the deal and never grant it a no objection certification on floor that its problem to the settlement was earlier than the Delhi High Court.

    The Securities and Exchange Board of India allowed the take care of some riders, 5 months after it was introduced final August.

    While searching for shareholders or the National Company Law Tribunal approval, the SEBI has requested Future Group to particularly point out the litigation pending earlier than the Delhi High Court and arbitration proceedings by the e-commerce main Amazon contesting the deal, the Bombay Stock Exchange said in its commentary letter.

    The BSE has additionally held that SEBI”s go-ahead on the draft scheme of association can be topic to the result of those proceedings.

    “It is observed that there are certain ongoing litigations/arbitration/legal proceedings against the draft scheme,” the SEBI mentioned.

    “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 mentioned.

    Commenting on the event, a Amazon spokesperson mentioned: “The letters issued by BSE & NSE clearly state that comments of SEBI on the “draft scheme of association” (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 be certain that the main points of the complaints made by Amazon.com NV Investment Holdings LLC and submission of its group agency Future Retail.

    The market regulator directed Future Group to make sure that appropriate disclosure concerning the newest financials of the businesses concerned within the scheme being no more than six months outdated was accomplished earlier than submitting the identical with the NCLT, the BSE mentioned its commentary 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 mentioned.

    The validity of this commentary Letter shall be six months, inside which the scheme shall be submitted to the NCLT, in keeping with BSE.

    The trade reserves its proper to withdraw its ”no opposed commentary” at any stage if the data submitted is discovered to be incomplete/incorrect/deceptive/false or for any contravention of guidelines, by-laws and rules of the trade, itemizing settlement, pointers/rules issued by statutory authorities,” it mentioned.

    In August 2019, Amazon had agreed to buy 49 per cent of one among Future”s unlisted corporations — Future Coupons Ltd — with the fitting to purchase into the flagship Future Retail after a interval of three to 10 years.

    Future Coupons holds 7.3 per cent fairness within the BSE-listed Future Retail, which operates common grocery store and hypermarket chains like Big Bazaar — by way of convertible warrants.

    Amazon had dragged Future Group to arbitration on the Singapore International Arbitration Centre (SIAC), arguing that Future violated its contract with the US agency by coming into into the take care of rival Reliance.

    Last October, the SIAC had handed an interim award in favour of Amazon with a single-judge bench of V Okay Rajah barring Future Retail from taking any step to eliminate or encumber its property or issuing any securities to safe any funding from a restricted get together.

    Later, the Future Group approached the excessive court docket requesting to restrain Amazon from writing letters to regulatory authorities concerning the SIAC arbitral order. On December 21, a single-member bench rejected it however gave a go-ahead to the regulators to resolve over the deal.

    The court docket had additionally made a number of observations indicating that Amazon”s try to regulate Future Retail by way of a conflation of agreements Amazon has with an unlisted unit of the Indian firm can be violative of the Foreign Exchange Management Act and the overseas direct funding guidelines.

    Amazon has now challenged the order earlier than the division bench.

    Moreover, a three-member tribunal comprising Singaporean barrister Michael Hwang, Albert van den Berg and Jan Paulsson, has been shaped on the SIAC to look into the tussle between Amazon and Future Group.

    It has countered Amazon”s claims, saying the e-commerce big had failed to supply any assist to the debt-laden agency that suffered an enormous setback in the course of the coronavirus lockdown.

    Amazon contends that there have been ongoing discussions on a number of choices with companions and with the promoters of Future.
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  • Amazon writes to Sebi once more, urges it to droop overview of Future-RIL deal

    E-commerce main Amazon has written to Sebi but once more, apprising the market regulator of the formation of the arbitration tribunal at SIAC whereas urging it to droop the overview of the Rs 24,713 crore Future-RIL deal. It has additionally filed an attraction with the Division Bench of the Delhi High Court in opposition to the December 21 order of the only member bench, in accordance with sources.
    On December 21, a single member bench of the Delhi HC had rejected Future Group’s plea to restrain Amazon from writing to regulatory authorities in regards to the SIAC (Singapore International Arbitration Centre) arbitral order however gave a go-ahead to the regulators to determine over the deal.
    The court docket had additionally made a number of observations indicating that Amazon’s try to regulate Future Retail by a conflation of agreements Amazon has with an unlisted unit of the Indian firm will probably be violative of the FEMA FDI guidelines.Emails despatched to Amazon and Future Group in search of response on these issues didn’t elicit a response.
    In its letter dated January 5 – a duplicate of which was seen by PTI – Amazon knowledgeable Sebi that the Singapore International Arbitration Centre (SIAC) has constituted the arbitral tribunal within the Arbitration Proceedings initiated by Amazon in opposition to inter alia FRL, Mr. Kishore Biyani and Mr. Rakesh Biyani.
    Amazon additionally requested Sebi to droop overview of the Impugned Transaction in addition to the scheme involving the Impugned Transaction, and never granting any no-objection for the Future-RIL deal. The letter additionally urged the market regulator to direct the Indian Stock Exchanges to not subject any no-objection/approval letter to Future Retail Ltd (FRL).

    A 3-member tribunal consisting – Singaporean barrister Michael Hwang has been shaped at SIAC. The different two members of the tribunal are Albert van den Berg and Jan Paulsson. As per the SIAC Rule, the interim award handed by the Emergency Arbitrator (EA) mechanically prolonged at some stage in the Arbitration Proceedings except it’s reconsidered/modified/vacated by the arbitral tribunal itself, Amazon additional stated in its letter addressed to Sebi Chairman Ajay Tyagi.
    Amazon has written a collection of letters to regulators and the bourses, beginning with its criticism on October 3. This is the sixth occasion of the e-commerce big writing to Sebi on the matter. Amazon had dragged Future Group to arbitration at SIAC after an indebted Kishore Biyani group agency signed a pact to promote retail, wholesale, logistics and warehousing items to billionaire Mukesh Ambani’s Reliance in August final yr in a Rs 24,713 crore deal.
    Amazon’s argument is that Future violated the contract by coming into into the take care of rival Reliance.
    In October, SIAC had handed an interim award in favour of Amazon with a single-judge bench of V Okay Rajah barring FRL from taking any step to eliminate or encumber its property or issuing any securities to safe any funding from a restricted social gathering.
    In its most up-to-date letter, Amazon reiterated that FRL continues to be expressly injuncted and restrained by the interim award and is barred from taking any steps in furtherance of the transaction, together with submitting functions earlier than any regulators or businesses together with Sebi in India.
    In the continued tussle, Future claims that Amazon had failed to offer any assist to the debt-laden Future Group that suffered a large setback through the COVID-induced lockdown.
    The US e-commerce main, alternatively, contends that there have been ongoing discussions on a number of choices with companions and with the promoters of Future.
    In August 2019, Amazon had agreed to buy 49 per cent of one in all Future’s unlisted corporations — Future Coupons Ltd — with the appropriate to purchase into the flagship, FRL after a interval of three to 10 years. Future Coupons holds 7.3 per cent fairness in BSE-listed FRL — that operates in style grocery store and hypermarket chains equivalent to Big Bazaar — by convertible warrants