The Delhi high court on Tuesday dismissed the pleas moved by Future Group companies seeking a direction to the arbitration tribunal, which is adjudicating on Amazon's objections against their deal with Reliance, to take a decision on their application for the termination of the arbitration proceedings before moving any further. "Both the petitions are dismissed," said Justice Amit Bansal, who had reserved the order on the petitions filed by Future Coupons Private Limited (FCPL) and Future Retail Limited (FRL) on January 3. The judge said the orders would be uploaded on the website of the high court shortly.
Reliance Power is being touted as India's biggest ever IPO with an estimated size of over $3 billion, surpassing just over $2 billion raised by DLF. This would be the first ever IPO from Anil Ambani group after being carved out from the erstwhile Reliance empire in 2005.
In a fresh twist in the fight to gain supremacy in the Indian retail market, billionaire Mukesh Ambani's Reliance Retail has slapped notices on Future Retail for terminating sub-leases of 950 stores it had taken over previously. In stock exchange filings, the Kishore Biyani-led debt-laded Future Group firms said they have been served notices to terminate the lease of 835 Future Retail stores and 112 Future Lifestyle stores. Last month, Reliance Retail had taken over store spaces for which the Future Group couldn't pay lease rent. These were then sub-let to the Future Group for operation.
Future Retail Ltd (FRL) on Wednesday held a meeting of its shareholders to consider and approve the sale of the company's retail assets to billionaire Mukesh Ambani's Reliance Retail Ventures Ltd. The meeting was chaired by Shailesh Haribhakti, FRL said in a regulatory filing. Haribhakti has been appointed by the NCLT to chair the meeting. The result of the voting will be announced in due course, it added.
Amazon has filed a legal challenge at the National Company Law Appellate Tribunal (NCLAT) against the Competition Commission of India's (CCI) suspension of the US e-commerce giant's 2019 deal with Future Retail (FRL). Amazon has challenged the CCI order on at least five grounds, and the matter is likely to be listed this week, according to the sources. Parallelly, Amazon's Indian unit has approached the Supreme Court against a halt on an arbitration case against Future Retail's (FRL) asset sale to Reliance Industries (RIL).
As many as 49 players including Reliance Retail, Jindal Power Ltd and Adani group have submitted Expression of Interest (EoI) for acquiring the assets of debt-ridden Future Retail, which is currently going through insolvency resolution process. Reliance Retail Ventures Ltd, which is the holding company for retail operations of RIL and April Moon Retail Private Ltd, a joint venture between Adani Airport holdings and Flemingo group have again submitted their EOI, after the lenders of Future Retail decided to invite fresh bids after dividing FRL's assets into clusters. According to an update from FRL's Resolution Professional, the 49 players would be permitted to submit "resolution plan(s) for any/all such Clusters under Option II".
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.
.jpg)
Dismisses speculation that he would launch a major e-commerce initiative soon.
When Kishore Biyani- led Future Group opened the 200,000 square feet Home Town store in Mumbai's Vikhroli early last year, it became a symbol of the group's giant-sized ambitions in home solutions.
As organised retailers try to squeeze margins, Kishore Biyani-promoted Future Group has replaced PepsiCo's Frito Lay snacks with ITC's Bingo at its Big Bazaar and Food Bazaar stores.
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.
Amazon provided mere "lip service" and failed to provide any help to the debt-laden Future Group as the retail major suffered massive setback amid the COVID-induced lockdown and faced possible insolvency or debt restructuring, Future Group's promoters said in a letter to the e-commerce giant. This is the first time Future Group promoters have written to Amazon after the parties were embroiled in a legal battle over the sale of Future's retail assets to Reliance Industries. The letter from the promoters, including Kishore Biyani, was written on December 31. It alleged that Amazon's actions "lacked good faith" during the March to August period, when the group's retail business was severely hit by the lockdown.
Future Group Chairman Kishore Biyani says he takes immense pride in the fact that he is a miser. As a slowdown towers over the economic landscape, Biyani says the biggest worry for retailers these days is the increasing cost of doing business, and passing on the costs to your customers is no longer a feasible solution. Biyani's company has distributed thousands of T-shirts among his employees with the inscription: Garv se kaho ham kanjoos hai (Say with pride that you are a mi
Future, which recently tied up with Amazon in India to sell its fashion and food products exclusively on the American giant's marketplace platform, is looking at a gross merchandise value of about Rs 6,000 crore (Rs 60 billion) in the next three years from the venture.
The Supreme Court Monday stayed the ongoing proceedings before the Delhi high court in the case related to the amalgamation of Future Retail Ltd (FRL) with Reliance Retail. A bench of Justices R F Nariman, B R Gavai and Hrishikesh Roy posted the matter for hearing on May 4 and directed that all pleadings be completed in the matter. Amazon had moved the apex court on April 8 challenging the Delhi high court's division bench order that had vacated a stay on Kishore Biyani-led Future Group proceeding with its Rs 24,713 crore asset sale to Reliance Industries.
Though Kishore Biyani is selling stakes in group companies to pay off debt, a significant share price crash since January this year is making his task difficult.
The Supreme Court on Wednesday took note of the consent of US e-commerce major Amazon and Future group and ordered the 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.
The retail king is back to what he does best: Expand. Future Group chairman Kishore Biyani is planning to add two Big Bazaar stores every month and open 15 hypermarkets over the next six months.
Kishore Biyani-promoted Future Group company Pantaloon Retail is hiving off four of its business divisions, including Big Bazaar and Food Bazaar, into independent subsidiaries, keeping the option open for listing them in future. The Board of Pantaloon Retail on Tuesday approved setting up of wholly-owned subsidiary companies for Big Bazaar, Food Bazaar, Speciality Retail Business Activities and Property and Mall Management Division.
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.
Jamnalal Bajaj Institute of Management Studies is organising its annual business convention Strategym 2006.
Amazon has also signed a term sheet with Kishore Biyani-led Future group to invest $600 million to $700 million for a 12 to 15 per cent stake in the retail giant, it is learnt.
Industry estimates R-Day sales are eight times the usual for big retailers.
Vaidyanathan, former managing director and CEO of ICICI Prudential Life Insurance, as a sign-on bonus got 20 lakh (2 million) warrants worth Rs 47.40 crore (Rs 474 million), DNA said.
Vaidyanathan's compensation is 'a performance-linked booty'.
Discount chain to expand to the east and west, continue with third-party brands.
S Rajarathinam is the founder-owner of this retailing giant. We asked him about his opinion on the government's decision to allow 51 per cent foreign direct investment in India's multi-brand retail trade and 100 per cent FDI in single-brand retail trade.
Amazon on Wednesday filed a writ petition in the Delhi high court seeking clarifications on the scope of Enforcement Directorate's (ED) investigations into alleged foreign exchange violations by the company, according to sources. Last month, Amazon had said it was in receipt of summons by the ED in connection with its deal with the Future Group. According to sources, Amazon in its filing said the ED is expanding the scope of its investigations by seeking privileged and confidential legal advice it received in ordinary course of business since it started marketplace operations and that such requests aren't related to the agency's probe into the Future-Amazon deal.
Delhi Airport has reduced the minimum annual guarantee paid by duty-free operator, Alpha Future.
Portal to be launched in three months, says Future Group's Kishore Biyani
Kishore Biyani-led Future Retail Ltd (FRL) on Monday said it is "reviewing" the Delhi high court order that has rejected its plea to restrain Amazon from writing to regulatory authorities about the SIAC arbitral order against its asset sale under a Rs 24,713 crore deal with Reliance. FRL, in a regulatory filing, said it would submit a brief summary after consultation with legal advisors.
Starbucks Coffee International, the world's biggest coffee chain is finally entering India.
In an email interview, the Mumbai-based Devdutt Pattanaik spoke to redidff.com about his latest book on the Mahabharata and about what lessons the epic holds for today's times
The facility will be available at four of Future Group's Big Bazaar outlets in Mumbai. Cleartrip will soon extend this tie-up to other Big Bazaar outlets in the city as well as other metros.
The tables have turned. Organised retail, which used to cite real estate as its first constraint, is being wooed by developers as there is a sudden surplus created by completion of pending projects and new construction. According to an industry analyst, the rental for a retailer used to constitute 4-5 per cent of its total revenue in the years 2001 and 2002, rising to 7-7.5 per cent in the later years. Industry analysts believe a retailer's profit would get eroded
Kishore Biyani-led Future Retail Ltd (FRL) on Thursday told the Delhi high court that Amazon was opposing the Rs 24,713 crore deal with Reliance as the Mukesh Ambani company was a competitor, a contention denied by the US-based e-commerce giant which said it was interested in salvaging FRL. FRL contended before a bench of Chief Justice D N Patel and Justice Jyoti Singh that Amazon was not concerned if the deal falls through then all the shops of the Indian company would be closed down and it's more than 25,000 employees would be without any livelihood. Senior advocate Harish Salve, appearing for FRL, told the court that the US-based e-commerce giant was only concerned that the Mukesh Ambani group company should not get the shops as they are a competitor of Amazon.
Kishore Biyani, founder and CEO of the Future Group, has emerged as the largest and perhaps the most successful retailer in India. Here he looks back at successes, failures and other defining moments in his entrepreneurial life.
Payback India has 10 million members now.
The Supreme Court made it clear on Thursday it will not allow stalling of the arbitral proceedings pending before the Singapore International Arbitration Centre (SIAC) pertaining to the ongoing legal tussle between US e-commerce major Amazon and the Future Group, saying the sanctity of such proceedings needed to be maintained. "You (Future group and others) cannot keep stultifying the proceeding before the arbitral tribunal and this is just a ploy to delay the proceeding. "These are all ploys by well-heeled parties to delay the arbitration proceeding.
International coffee chain Starbucks will send a revised application to the department of industrial policy and promotion for an entry into the Indian market.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances