Future Group Companies on Wednesday held a shareholder meeting, in accordance with the court instructions, to seek approval for the proposed RS 24,713-Crore deal with Reliance Industries (RIL).
Group Company – Future Retail (FRL), Future Companies (FEL), Future Lifestyle Mode (FLF) and Future Consumers (FCL) – Hold their meetings through video conferencing and other audio-visual facilities, the company said in separate regulation updates.
The shareholder meeting from FRL, FEL and FLF was chaired by Shailesh Haribhakti, while FCL was chaired by GN Bajpai, said the renewal.
The company does not divulge the results of voting but adding them will be submitted to the Stock Exchange.
Previous companies have scheduled shareholder meetings, guaranteed creditors and unsuped creditors on April 20 and 21. It followed the commandment by the National Tribunal National Law bench on February 28, after the February 15 of the Supreme Court’s orders, which allowed group companies in the future to hold shareholder and creditors meetings.
The US E-commerce giant Amazon, who fought the agreement with RIL, previously opposed the meeting.
By 2020, the future group has signed an agreement to sell retail business, logistics, and warehousing to rely on retail, a subsidiary of RIL billionaire Mukesh Ambani-controlled, for RS 24,713 Crore.
The US e-commerce major has opposed the agreement, citing the 2019 agreement where it obtained 49% of shares in the future coupons, future promoter entities, around Rs 1,500 Crore. Amazon has accused of violations of certain provisions in the agreement signed in 2019.
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