Future Retail Holds Meeting Of Shareholders For Approval Of Deal With Reliance Retail

Future Retail in a regulatory filing said that the meeting was held through videoconferencing and ‘requisite quorum was present’

The voting of Future Retail shareholders was conducted through electronic process and the result of the voting will be announced in due course. Image: Getty

New Delhi: Future Retail, a company of Future Group led by Rakesh Biyani, on Wednesday held a shareholders’ meet to consider and approve the sale of the firm’s retail assets to Reliance Retail Ventures.

In a regulatory filing, Future Retail said that the meeting was chaired by Shailesh Haribhakti, who has been appointed by the NCLT to chair the meeting.

According to the filing, the meeting was held through videoconferencing and ‘requisite quorum was present’.

The voting was conducted through electronic process and the result of the voting will be announced in due course, the filing said.

“The NCLT convened Meeting of the Shareholders of FRL was held on Wednesday, April 20, 2022 at 12:00 noon through Video Conference (VC/Other Audio-Visual Means) pursuant to the directions issued by Mumbai Bench of NCLT...,” it said.

Several queries regarding the deal were received and all aspects were made clear to the shareholders during the meeting, according to a report by the PTI.

“The chairman also informed the shareholders that the scrutinizer shall submit her consolidated report on the voting cast during this meeting and the remote e-voting facility provided by the company and the results declared along with the report of the scrutinizer shall be submitted to the stock exchanges and will also be placed on the website of the company,” it added.

The agency report said that the electronic voting process for shareholders of the company ended on Tuesday evening.

Now as per directions of the NCLT, Future Retail scheduled meetings of its creditors on Thursday.

The other listed Future firms such as Future Consumer, Future Enterprises, Future Supply Chain Solutions, Future Market Networks, and Future Lifestyle Fashions also held meetings of their respective shareholders for approval of the Rs 24,713-crore deal.

Meetings of secured creditors of other Future group holding companies, which include Acute Retail Infra, Basuti Sales, and Trading, Brattle Foods, Chirag Operating Lease Co, Hare Krishna Operating Lease, Nice Texcot Trading & Agency, Nishta Mall Management, will be held on April 22.

However, US e-commerce major Amazon Inc has vehemently opposed the meetings. It is noted that Amazon is contesting Future Retail’s deal with Mukesh Ambani-owned Reliance Industries.

Last week, the US e-tailer also sent a strongly-worded letter to Kishore Biyani and other promoters of Future Retail saying that the meetings with the shareholders are ‘illegal’.