Page 14 - Future Group News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Future Enterprises: Kishore Biyani, founder & CEO of Future Group, faces the decline of his business empire. Heavy debts, a series of acquisitions, and diversification into non-core ventures contributed to the downfall. Now, Reliance Retail and Naveen Jindal's Jindal (India) are vying to acquire the remnants. Reliance Industries, in particular, stands to enhance its retail footprint and capitalize on India's growing organized retail sector.

The admission of the application by the National Company Law Tribunal (NCLT) ensures moratorium on transactions of personal assets of the guarantor. But it does not give the resolution professional (RP) the right to take control of the personal assets of the guarantor. Following the ruling, the RP will invite claims from lenders and also validate them.

Jindal (India) has submitted a debt resolution plan for Future Enterprises under the Insolvency and Bankruptcy Code (IBC) process. The company will be against Reliance Retail, which has sought time till October 30 to decide if it wants to bid for Future Enterprises.

Raj Shamani was a guest at Nikhil Kamath’s podcast, ‘WTF is with Nikhil Kamath’ and appeared with former Myntra CEO and founder of Mensa Brands Ananth Narayanan, and Future Group founder Kishore Biyani.

Nikhil Kamath, the co-founder of trading platform Zerodha, is the youngest billionaire in India at 37, as per Forbes' list of the country's 100 richest people.