Page 10 - Future Group News Today

Negotiations have been underway to determine the stake that existing shareholders will retain or whether they will exit entirely, with Kotak Mahindra advising TCPL on this matter. The original asking price was almost $1.5 billion (Rs 12,442 crore), but it has since decreased.

With a firm commitment to tackling real-world health issues, The Good Bug has secured $3.5 Mn Series A funding from Fireside Ventures.

Lenders to Bansi Mall Management Co Pvt Ltd (BMMCPL), which owns SOBO Central Mall in Mumbais Haji Ali area, have initiated Sarfaesi proceedings to recover their dues totalling Rs 571 crore.

The investor upped its stake in the Indian retail giant as Walmart and Amazon duke it out for dominance in the 1.4-billion consumer market.

PNB, along with Union Bank of India, also has a secondary charge over the companys assets because they together lent ₹350 crore to a group company, Future Brands, with lease rental discounting of BMMCPL as collateral. "These two banks have secondary charge over the assets and will receive their dues only after Canara and PNB recover their principal and interest," a person familiar with the matter said.

Lenders to Bansi Mall Management Co (BMMCPL), which owns SOBO Central Mall in Mumbais Haji Ali area, have initiated Sarfaesi poceedings to recover their dues totalling ₹571 crore. Canara Bank and Punjab National Bank (PNB) are the two primary charge holders as they are direct lenders to the company. Canara Bank is the lead lender with ₹131 crore of loans outstanding, while PNB has primary dues of ₹90 crore, people familiar with the matter said.

Future Retail: Some banks are opposed to taking up the resolution plan submitted by SpaceMantra as it is too close to the liquidation value, while some others are inclined to accept the only offer on the table. Voting was supposed to end on Thursday but has now probably been extended until September 15, people familiar with the process said.

Future Consumer Ltd has announced the sale of its dairy business, Nilgiri Dairy Farm, to AVA Cholayil Healthcare for Rs 67 crore. This move will help Future Consumer monetize its assets and address its debt issues. The sale includes the transfer of all operations related to the dairy business, including franchisee operations, retail trade operations, and the sourcing, processing, packaging, and marketing of dairy products, bakery products, FMCG, staples, and other products.

Future Enterprises creditors were informed at a meeting on Thursday that an extension had been sought by both prospective bidders who were due to submit formal offers on 24th August. The bid deadline has now been extended to 25th September, according to the sources.

Future Group: These provisions are ultra vires the Act as they operate to obstruct/delay the recovery of loans by banks and other financial institutions and also “confer drastic and extraordinary powers” upon the tribunal to pass interim exparte order without prima facie satisfying that the conditions required for such restraint orders are met, the petition filed through counsel Pallavi Pratap stated.