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Rejection of the Reliance deal by its creditors has put Future Retail in deep trouble. With Reliance becoming the main tenant of 835 FRL stores across formats, it has very little to offer to any potential buyer, once its creditors drag it to the auction block
Caught in a mountain of debt, its flagship, Future Retail as also Future Lifestyle Fashions, among other group companies, face an uncertain future as the next stop appears to be the insolvency courts.
FRL has now said that the meeting of its shareholders, scheduled next week, is compliant with directives issued by the NCLT.
Amazon has warned FRL against holding meetings of its shareholders scheduled next week to approve the sale of its assets to Reliance Retail.
The two year long case was meant to be handed over to the SIAC, but the Supreme court will give it one last crack. Read all about it here