Reliance Industries on Saturday said its Rs 24,713-crore deal with the Future Group cannot go ahead as secured creditors of the latter have voted against it.
Kishore Biyani-led Future Retail Ltd on Thursday accused e-commerce giant Amazon of adopting a media strategy of "having every development reported and converted into a line of communication with stock exchanges" regarding the Amazon-Future Coupons' arbitration proceedings in Singapore. The Court of Singapore International Arbitration Centre (SIAC) had turned down a plea of Future Retail Ltd (FRL) to be excluded from being a party to arbitration. In a regulatory filing disclosing the development, FRL said,"...this disclosure is being made out of abundant caution to avoid any speculation given Amazon's media strategy of having every development reported and converted into a line of communication with stock exchanges."
'I feel confident that, if we had to, if there was a problem with the International Space Station, we would get in (the Starliner spacecraft) and we could undock, talk to our team, and figure out the best way to come home'
Thotakura was selected as one of the six crew members for the NS-25 mission, making him the first Indian space tourist and the second Indian to venture into space after the Indian Army's Wing Commander Rakesh Sharma in 1984.
The Singapore-based arbitrator, SIAC, has rejected Future Retail's plea to lift the interim stay on its Rs 24,713-crore deal with Reliance Retail, giving a major relief to Amazon that is contesting the transaction. The development comes a day after the Singapore International Arbitration Centre (SIAC) held that Future Retail is a party to the ongoing arbitration between Amazon and Future group in the dispute over the sale of its assets to Reliance Retail. Future had contended before the SIAC that it should be excluded from arbitration proceedings because it is not a party to the dispute between its promoter Future Coupons Pvt Ltd (FCPL) and Amazon.
Debt-ridden Future Group is now focusing on saving and rebuilding firms such as -- Future Lifestyle Fashions, Future Supply Chain Solutions, Future Consumer and Future Enterprises, after the Rs 24,713-crore deal with Reliance Retail was rejected by secured creditors, according to industry sources. However, Future Group's flagship firm Future Retail Ltd (FRL), which has nearly Rs 18,000 crore debt, is bound to face the corporate insolvency resolution process before the National Company Law Tribunal (NCLT). Other companies like Future Enterprises Ltd (FEL), Future Lifestyle Fashions Ltd (FLFL), Future Supply Chain Solutions Ltd (FSCSL), Future Consumer Ltd (FCL) can sustain on their own and can be rebuilt by restructuring their liabilities with the help of current lenders and investors, said an industry source close to the Future Group.
Are you a first-time IPO investor? Even if IPOs appear attractive with expectations of high returns, they come with risks and complexities, cautions Sheetal Jhaveri and shares her checklist to help you navigate through the world of IPOs
"We live lives which are relatively isolated from the political arm of the government -- but obviously judges have to be conversant with the impact of their decisions on the polity at large. That's not political pressure but an understanding by the court of the likely impact of a decision," CJI Chandrachud said in his address at the Oxford Union.
>More young women and men want solid relationships as opposed to casual sex, reveals Able Joseph, founder of the dating app Aisle.
'Understand how wedding expenses fit into your overall financial situation.' 'Evaluate how different levels of spending will impact other goals like retirement, travel, or housing.'
'They made so many toppers in NEET that automatically the paper leak issue got exposed.' 'The first mistake they did was announcing 67 toppers in NEET. No way this figure was possible.' 'The maximum numbers of toppers that you can have are two or three at best every year.'
When we have people around us, we shirk from telling them how we truly feel, and once they are gone, we are filled with regret for not having found the time or the words to communicate what we felt, notes Aarti David.
'Investors should not go for lump-sum investments in infrastructure funds at this point.' 'The SIP route is the best to avoid any major disappointment.'
The National Stock Exchange (NSE) on Tuesday said it has halved the lot size for trading derivatives contracts for the Nifty 50 index to 25 and also reduced the lot sizes of the Nifty Financial Services and Nifty Midcap indices as part of its periodic revision. "All contracts, i.e. weekly, monthly, quarterly, and half-yearly expires available for trading from the trade date of April 26, 2024, onwards will be with the revised market lot size," the NSE said, referring to applicability of the change for Nifty 50. The lot size in the derivatives segment refers to the fixed number of shares in a unit or group for which contracts are traded.
If there's one thing the full-of-beans star knows, it's how to stay happy, observes Dinesh Raheja.
After some enforced slowdown in offtake during April-May 2024 due to elections, the cement sector is looking at a possible demand rebound which may help it to push up prices. The April'24 offtake was muted while May'24 saw some improvement with a likely 5-6 per cent rise in demand month-on-month (MoM). In June, some price hikes seem to have been taken, which suggests more sustained improvement in demand.
In the video, Srinivas Pawar (60), while talking to residents of Katewadi village in Baramati, said the NCP founder had stood with Ajit Pawar through thick and thin.
The future of Rishi Sunak as Britain's Prime Minister and leader of the Conservative Party hangs in the balance as polling booths opened across the United Kingdom on Thursday, with millions expected to turn out to cast their votes in the general election.
'We have essentially tried to set out an agenda for the next five years and it, in essence, represents the political commitment to that agenda.'
Former India star Yuvraj Singh has identified the swashbuckling Suryakumar Yadav and pace ace Jasprit Bumrah as key to the team's prospects in the upcoming T20 World Cup owing to their ability to "change the complexion of a game" in a jiffy.
The central government's response was conveyed to the court by Solicitor General Tushar Mehta, after a five-judge constitution bench headed by Chief Justice DY Chandrachud, hearing the pleas challenging the abrogation of Article 370, asked it to set a specific time frame for restoration of electoral democracy in the erstwhile state.
Days after billionaire Mukesh Ambani-led group took some of the stores of Future Group, whose lease had expired due to the non-payment of rent, Amazon.com Inc on Tuesday accused the two of 'fraud' and said such 'contumacious' transfer will be liable to legal action.
The ED had arrested Kejriwal on March 21, hours after the high court refused to grant him protection from coercive action by the federal anti-money laundering agency.
If you are planning to buy an electric car in the near future, it would be highly advisable to wait for these upcoming electric SUVs.
'To date, they've been fantastic in how they've continued to play all three formats of the game. Their commitment to Test cricket... I don't think it has ever been as strong as it is now'
The suspension was imposed by UWW on August 23 last year after the national federation failed to hold elections in time.
Future Retail's (FRL's) independent directors have written a second letter to the Competition Commission of India (CCI), stating American e-commerce major Amazon never intended to invest in Future Coupons (FCPL) and the representations made by the US e-commerce player were completely opposite and contradictory to their own internal correspondences as submitted before courts. The directors also wrote to CCI that Amazon has obtained approval by making deliberate misrepresentations. By actively misleading the CCI and the regulator, it has to revoke the approval granted for Amazon's investment in FCPL.
Picture this: A cozy, candlelit evening where it is just your sweetheart and you, with no annoying notifications crashing the party or stealing your attention.
Seven out of the 10 listed firms of Adani group have received show cause notices from the Securities and Exchange Board of India (Sebi) for alleged violation of related party transactions and non-compliance with listing regulations, the companies said in their regulatory filings to the stock exchanges. While group's flagship Adani Enterprises Ltd, renewable energy firm Adani Green Energy Ltd (AGEL) and city gas distributor Adani Total Gas Ltd said Sebi sent notices of their parent or holding company controlled by conglomerate's chairman Gautam Adani, ports company Adani Ports & Special Economic Zone, Adani Power, electricity transmission firm Adani Energy Solutions, and commodities firm Adani Wilmar said they have received Sebi notices.
US e-commerce giant Amazon has written to the independent directors of Future Retail Limited (FRL), including Gagan Singh, Ravindra Dhariwal and Jacob Mathew, and its audit committee, providing data and alleging that there have been significant financial irregularities to the prejudice of public shareholders, banks, creditors, and third-party suppliers. Amazon has said this warrants a thorough and independent examination of all relevant facts and related-party transactions, including of past financial years, by an independent agency. Separately, Amazon has written to Securities and Exchange Board of India Chairman Ajay Tyagi, seeking the withdrawal of the regulator's conditional approval granted to FRL related to the merger deal between the Future group and Reliance.
Santiago Martin has funded Rs 1,368 crore to political parties between October 2020 to January 2024 through electoral bonds.
Test cricket remains the pinnacle of the game, Cricket South Africa (CSA) said after it was criticised for selecting a second-string squad featuring seven debutants for the country's two fixtures in New Zealand next month.
Air India Express on Thursday cancelled 85 flights or around 23 per cent of the total daily capacity as the disruptions due to the cabin crew shortage continue and said Air India will operate services on 20 of its routes to minimise inconvenience to passengers.
The temple authorities and jumbo owners even suspected that the conditions of the circular with regard to parading of the domestic elephants during festivals were part of a conspiracy to sabotage the Pooram.
Taxpayers seeking to save tax from the sale of gold (including inherited) should reinvest the capital gains in residential property to avail of the benefit provided by Section 54F.
India currently does not have any XBB 1.5 variant-based vaccines available.
rediffGURU Anu Krishna, a mental health coach, offers advice on how to take charge of your life.
'Rishabh Pant is batting... running,' confirms Delhi Capitals co-owner Parth Jindal
Future Retail's independent directors had last week asked Amazon if it was willing to give a long-term loan to avoid default on repayment of Rs 3,500 crore loan due on January 29. Amazon replied to that saying it was willing to financially assist Future Retail through the Samara Capital deal but the retailer must shelve Rs 24,713 crore deal with the Reliance group.
He also appealed to the Muslim side for a peaceful solution for all these three temples.
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