The shareholders’ meeting of six listed entities of Future Group to approve a scheme to sell their assets on a slump sale basis to Reliance Retail submitted their votes on Wednesday. The result will be known after the conclusion of two more meetings scheduled for Thursday of secured and unsecured creditors of the half-a-dozen entities.
Shareholders of listed entities including Future Retail, Future Lifestyle Fashion, Future Enterprises, Future Consumer, Future Market Networks and Future Supply Chain Solutions ended voting on Wednesday afternoon. The window for electronic voting for secured and unsecured creditors also closed on Wednesday evening.
“The meeting happened for about half an hour and it was just for voting,” said a person who attended the FRL meet online on Wednesday. He said a National Company Law Tribunal-appointed chairman presided over the meeting. “The NCLT-appointed chairman read out the issue. There was a verbal presentation by Future Group explaining the scheme and that was followed by voting. Online voting had already happened for some days but today was the final voting day for the shareholders.”
On Thursday, secured and unsecured creditors will meet to discuss and vote on a deal with Reliance.
Source: Economic Times