Future holds shareholders’ meeting to seek nod for Rs 24,713-crore Reliance deal


Future Group companies on Wednesday held shareholders meetings, pursuant to tribunal directions, to seek approvals for the proposed Rs 24,713-crore deal with Reliance Industries (RIL).

The group companies — Future Retail (FRL), Future Enterprises (FEL), Future Lifestyle Fashions (FLF) and Future Consumer (FCL) — held their meetings through videoconferencing and other audio-visual means, the companies said in separate regulatory updates.

The shareholders’ meetings of FRL, FEL and FLF were chaired by Shailesh Haribhakti, while that of FCL was chaired by GN Bajpai, the updates said.

The firms did not divulge the results of the voting but added they will be submitted to the stock exchanges.

The companies had earlier scheduled meetings of shareholders, secured creditors and unsecured creditors on April 20 and 21. This followed an order by the National Company Law Tribunal’s Mumbai bench on February 28, following a February 15 Supreme Court order, that permitted Future Group companies to convene a shareholders and creditors meeting.

US e-commerce giant Amazon, which is contesting the deal with RIL, had earlier opposed the meetings.

In 2020, Future Group had signed a deal to sell its retail, logistics and warehousing businesses to Reliance Retail, a subsidiary of billionaire Mukesh Ambani-controlled RIL, for Rs 24,713 crore.

The US e-commerce major had opposed the deal, citing a 2019 deal through which it acquired a 49% stake in Future Coupons, the promoter entity of Future Retail, for about Rs 1,500 crore. Amazon had alleged violation of certain terms in the deal signed in 2019.


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