The Resolution Professional (RP) of Future Retail Ltd (FRL) has filed an application before the NCLT against Kishore Biyani, his brother Rakesh Biyani and eight other entities alleging their involvement in a "fraudulent transaction" in the company. This application "has been filed pursuant to the findings in the report received from Nangia & Co. LLP, which was appointed as 'Transaction Review Auditor' by the RP," said a regulatory filing from Future Retail Ltd (FRL). The Transaction Review Auditor was to assist RP in his duties and the determination, wherein a transaction has been reported under Section 66 of the Code for adjudication by the NCLT.
In 2020-21, business activities were hit by the coronavirus pandemic. Biyani's annual remuneration stood at Rs 3.86 crore in 2019-20, according to Future Retail Ltd's (FRL) annual report for 2020-21. FRL's managing director Rakesh Biyani also saw his remuneration decline by 4.82 per cent to Rs 3.75 crore in the financial year ended March 31, 2021.
Clearing the air on the issue of succession and the role of professionals in the group, the younger Biyani (Rakesh) said, "I find it very awkward to think so early about succession when my elder brother, Kishore, is still young, not even 50. I wonder why nobody asks who is going to succeed Mukesh Ambani, who owns the biggest business empire in the country."
India captain Mahendra Singh Dhoni and his Australian counterpart Ricky Ponting unveiled the 'Future Cup', the symbol of supremacy in the seven-match One-Day International series, beginning in Bangalore on Saturday.
The co-founder of Snapdeal was talking a day after he signed an agreement with Tata-run Croma
E-commerce major Amazon has written to Sebi yet again, apprising the market regulator of the formation of the arbitration tribunal at SIAC while urging it to suspend the review of the Rs 24,713 crore Future-RIL deal. It has also filed an appeal with the division bench of the Delhi high court against the December 21 order of the single member bench, according to sources.
'For how long can investors fund loss-making companies?'
Some analysts believe convenience stores could be challenged by digital grocery in the future.
Retailers are also demanding that home delivery across all forms of retail should be allowed to ensure a level playing field.
The movie has attracted 60 brands as merchandise partners and seven media partners
Among the options being weighed are discounts on existing rentals, short-term deferrals, and 50 per cent waivers.
India's MRP and Packaged Commodities Acts are dated and not in line with the modern world's digital price mechanisms and comparisons.
At the heart of the matter are revenue-share rental agreements that retailers are mooting over fixed-rent contracts that they say are unsustainable, given the revenue loss they've suffered during the lockdown.
Retailers, especially food and grocery chains, are clearly unhappy, saying the ban is impractical
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Consultants say those selling imported consumer durables, apparel, food products, furniture, etc, are the ones hit the hardest.
Falling sales since demonetisation has alarmed CEOs, who want to save cash till the economy recovers.
Physical format stores are here to stay.
Feel the pinch of predatory pricing by e-tailers
While brick-and-mortar retailers have been the most vocal in their protests, e-tailers do not seem to be in a hurry.
VMIL officials declined to comment on the development. According to sources close to the development, VMIL will sell stake to raise money for expanding Hungama, the content and mobile services arm. The Mumbai-based company has already held two to three rounds of meetings with these private equity investors. The company's valuation has been pegged at Rs 800 crore (Rs 8 billion). The funds raised would be used for Hungama's expansion.
Reliance Retail follows Future Group in online foray
A majority of India's billionaires gained wealth in the last one year in spite of the stock market decline.
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