You are here: Home » Companies » News
Ford India reaches severance package settlement with employee union
Salesforce plans to focus on India from revenue, talent perspective
Business Standard

Future Enterprises receives three months extension for holding AGM

FEL, which is engaged in the business of manufacturing, trading, leasing of assets and logistics services, has committed several defaults in the last six months

Topics
Future Enterprises | Future Group | Future Group Kishore Biyani

Press Trust of India  |  New Delhi 



big bazaar, future retail, future group
Earlier this month, another Future group firm - Future Lifestyle Fashions - had got a three-month extension for conducting its AGM

has received a three-month extension from the Registrar of for holding its annual general meeting, a regulatory filing by the debt-ridden firm said.

The Registrar of Companies, Mumbai, through a letter dated September 21, 2022, has accorded its approval to the company granting an extension for three months for holding the AGM of the company before December 31, 2022.

"Accordingly, the aforesaid AGM of the Company would be held within the extended timeline," said FEL in late night filing on Wednesday.

Earlier this month, another firm - Future Lifestyle Fashions - had got a three-month extension for conducting its AGM.

Section 96 of the Act, 2013, mandates a company to hold AGM every year, within six months from the date of closing of the financial year. Moreover, there should not be a gap of more than 15 months between the two AGMs.

However, the section also empowers RoC to extend by a period not exceeding three months, upon application by the company.

On Wednesday, FEL also informed about the default on the payment of interest on non-convertible debentures. FEL, which is engaged in the business of manufacturing, trading, leasing of assets and logistics services, has committed several defaults in the last six months.

FEL is also facing two petitions by its creditors before the National Company Law Tribunal (NCLT) to initiate insolvency proceedings against the company.

Lenders of FEL have also appointed an auditor for conducting a forensic audit of the firm. FEL had recently defaulted on payment of interest on several non-convertible debentures.

FEL was part of the 19 group operating in the retail, wholesale, logistic and warehousing segments, which were supposed to be transferred to Reliance Retail as part of a Rs 24,713-crore deal announced in August 2020.

The deal was called off by Reliance Industries in April after it failed to get lenders' support.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


Subscribe to Business Standard Premium

Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!

Insightful news, sharp views, newsletters, e-paper, and more! Unlock incisive commentary only on Business Standard.

Download the Business Standard App for latest Business News and Market News .

First Published: Thu, September 22 2022. 17:03 IST

RECOMMENDED FOR YOU

.