Page 2 - Future Group

BoI takes Future Lifestyle to NCLT under bankruptcy code for due recovery

FLFL - in its filing with the BSE - said Saraf and Partners, advocates, on behalf of BoI, has served a petition under Section 7 of the IBC 2016

Future Lifestyle Fashions Q1 loss narrows to Rs 136 cr, revenue down 8.4%

Future Lifestyle Fashions Ltd (FLFL) on Saturday said its consolidated net loss narrowed to Rs 135.96 crore in the April-June quarter of FY23. The company had posted a net loss of Rs 348.08 crore in the corresponding quarter a year ago, said FLFL, the fashion and apparel retailer arm of the Future group, in a BSE filing. Its revenue from operations was down 8.42 per cent to Rs 272.88 crore during the period under review as against Rs 297.99 crore in the corresponding period last fiscal, the company said. FLFL's total expenses stood at Rs 436.56 crore, down 33.45 per cent in Q1/FY23 against Rs 656.07 crore a year ago. "The company has incurred loss before tax during the quarter ended June 30, 2022 amounting to Rs 142.40 crore primarily owing to lower sales volumes, finance costs and depreciation," said FLFL in its earnings statement. FLFL has in-house retail chains Central and Brand Factory, exclusive brand outlets (EBOs) and other multi-brand outlets (nearly a dozen apparel labels

NARCL to buy loans of five distressed companies, lenders agreement awaited

In July, NARCL had proposed to take distressed assets of 17 firms worth Rs 93,249 crore including included five firms of the Future Group

Lenders in talks to sell Rs 18,850-cr Future group loans to NARCL

According to a banking source close to the development, the loans are expected to be sold in the second half of the current financial year

Sebi orders forensic audit of FRL's financial statements of last 3 years

Future Group owes its 26 lenders over Rs 15,000 crore

Amazon moves SC challenging NCLAT ruling on Future group investment

Appellate tribunal upheld CCI order suspending digital commerce platform's investment in Future group in 2019

3 Future group firms to file claims before interim resolution professional

NCLT has passed the order after allowing the petition filed by Bank of India (BoI) following loan defaults by FRL -- the flagship firm of the Kishore Biyani-led group

Future Ent to quantify receivables from FRL and submit claims before IRP

The National Company Law Tribunal on Wednesday ordered insolvency resolution proceedings against Future Retail

Future Enterprises defaults on Rs 6.15 cr interest payment for NCDs

The due date for payment was June 29, 2022, FEL said in a regulatory filing on Thursday

SIAC dismisses Future Group's plea to terminate arbitration proceedings

The order said that there is no ground for the termination of the proceedings under Section 32 of the Arbitration Act

Stocks to watch: Reliance, Tata Motors, Biocon, Tata Steel, J&K Bank, BoB

Stocks to watch today: Akash M Ambani will take over as non-executive director and chairman of the board of directors of Reliance Jio; Tata Motors will hike prices of CVs by 1.5 to 2.5 per cent.

NCLAT rejects Amazon plea against CCI order, directs to pay Rs 201 cr

The deal involves a Rs 1,431-crore investment by the US major to purchase a 49 per cent stake in Kishore Biyani-led Future Coupons Pvt Ltd (FCPL) in 2019

Reopening 'Future' stores a work in progress for Reliance Retail

A source said there was a possibility that Reliance may trim the sizes of some of its stores and may also look at shutting down some locations

Future Group, its promoters 'orchestrated and committed' fraud, says Amazon

Warns of legal action to block sale of FRL assets to Reliance Retail as part of a $3.4-billion deal

Top headlines: Physics Wallah becomes unicorn; I-T portal develops snag

The Income Tax Department's new-look tax return filing portal, developed by Infosys, again developed snags on Tuesday - a day that marked the first anniversary of its unveiling.

FRL: NCLT to hear Amazon's plea opposing insolvency proceedings on June 10

A plea seeking initiation of insolvency resolution proceedings against FRL was filed by Bank of India (BoI), the lead banker in the consortium of lenders to the company.

4 Future Group companies to not release results for Jan-March quarter

In April, Future Enterprises Ltd's two independent directors Anand Chndrasekaran and Malini Chopra had resigned

Amazon accuses Future independent directors of 'fraudulent stratagem'

Amazon dragged Future Group to arbitration at SIAC in October 2020, arguing that FRL had violated their contract by entering into a deal for sale of its assets to Reliance Retail

Debt-ridden Future Retail's Chief Financial Officer C P Toshniwal resigns

Last week, Future Retail's Managing Director Rakesh Biyani stepped down, while officials including the company secretary of the debt-ridden firm tendered resignation

InGovern, others approach Sebi; seek forensic audit of Future Group firms

In its letter, InGovern said many directors and key management personnel have resigned in the past year