Bank of India has filed an insolvency petition against Future Retail Ltd (FRL) at the bankruptcy court for non-payment of dues, the retailer said in a notice issued to stock exchanges on Thursday evening. The company...
Retail
Israeli retailer Shufersal rejects Delek Israel merger offer
The board of Israeli retailer Shufersal rejected an offer to merge with Delek Israel, with the company saying the proposal did not comply with the strategy of Shufersal and its shareholders. Last week, Delek Israel...
Amazon Warns Future Against Holding Meetings To Approve Assets Sale To Reliance
Amazon has warned Future Retail Ltd (FRL) against holding meetings of its shareholders and creditors next week to approve the sale of its retail assets to billionaire Mukesh Ambani’s Reliance Retail. In a 16-page...
Subsidiary of Mexico’s Femsa agrees to acquire U.S. distributor Sigma Supply
Mexican bottler and retailer FEMSA announced its U.S. subsidiary Envoy Solutions reached an agreement to acquire the distributor Sigma Supply for an undisclosed amount. FEMSA said the acquisition is “another...
Future Retail lenders select Deloitte backed interim resolution professional to take the company to bankruptcy court
Future Retail’s lenders on Thursday evening selected Vijaykumar Iyer, backed by Deloitte India, as the interim resolution professional for referring the Kishore Biyani-promoted hypermarket chain to the bankruptcy court...
Amazon, Future dispute: SC lets arbitration resume over FRL merger
The Supreme Court on Wednesday ordered resumption of arbitral proceedings before the SIAC tribunal over Future Retail’s merger deal to the tune of Rs 24,500 crore with Reliance Retail Ltd. A bench comprising Chief...
Amazon terms Reliance takeover of Future Retail stores as ‘sham transaction’
Amazon on Tuesday called the February takeover of 835 of Future Retail (FRL) stores by Reliance a “sham transaction.” “There was a mysterious switch of the leases,” Gopal Subramanium, the senior...
Supreme Court asks Delhi HC bench to hear Amazon plea
The Supreme Court on Monday asked the Delhi High Court judge who is hearing a bunch of petitions and counterpetitions filed by Amazon and the Future Group against each other, to also hear the US ecommerce firm’s...
Britain’s Ted Baker looks to sell itself after takeover interest
Ted Baker is open to selling itself at the right price after seeing a flurry of takeover interest, the British fashion retailer said on Monday in the wake of a robust rebound from the pandemic. Ted Baker launched a...
HC: NCLT can be allowed to continue with Future asset sale proceedings
The Delhi High Court said on Wednesday it could allow the National Company Law Tribunal (NCLT) to continue with its proceedings in Future Retail’s application seeking approval for the scheme of arrangements to...
Bankers decide to refer Future Retail to NCLT
Lenders led by Bank of India last week decided to refer Future Retail Ltd (FRL) to the National Company Law Tribunal (NCLT) for insolvency proceedings over recovery of dues, said two people aware of the development, a...
Reliance Brands buys Sunglass Hut’s India franchisee rights, stores
Reliance Brands has acquired the India franchisee rights and the existing network of stores of Sunglass Hut from DLF Brands, according to two people familiar with the development. Sunglass Hut, owned by Italy’s...
