Board Change • Apr 01
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). Executive Chairman Kishore Biyani was the last director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. 공고 • Jan 31
Future Retail Limited Announces Resignation of Nishi Jain as Director Future Retail Limited announce that Ms. Nishi Jain has tendered a letter of her resignation from the position of the "Independent Director" of the Company with effect from January 27, 2024 (intimation received by RP thru' e-mail on January 27, 2024) due to pre-occupation and other professional commitments. 공고 • Sep 19
Future Retail's Creditors Extend Voting Timeline on SpaceMantra's Bid to September 30 The committee of creditors (CoC) to Future Retail Limited (NSEI:FRETAIL) have extended the voting period for the third time to decide the winning bidder to acquire the debt-laden company. The timeline has now been extended till September 30 as lenders are still undecided whether to approve a very low offer from SpaceMantra or allow liquidation of FRL as there isn't enough time to seek fresh bids. The decision was taken on 16 September 2023 after the second timeline ended on September 15, three people familiar with the developments said. The majority of the creditors have yet to decide on the takeover plan under consideration. "Nobody is in a hurry to make a decision. Everyone is waiting for the other. Though some small bondholders have voted, the large financial creditors are still weighing options," said one of the persons cited above. 공고 • May 19
Space Mantra Only Bidder for Whole of Future Retail Space Mantra, a company promoted by former NBCC chairman Anoop Kumar Mittal, emerged the only bidder seeking to take over the whole of Future Retail Limited (NSEI:FRETAIL) as the bids for the defunct retailer were opened on May 18, 2023. Puts Bid Worth INR 5,500 million. 공고 • May 18
Reliance Retail, Adani Group Reportedly No Longer Bidding for Future Retail Reliance Retail Limited and the Adani Enterprises Limited (BSE:512599) have opted out from the final round of bidding for Future Retail Limited (NSEI:FRETAIL), ET Now reported on May 17, 2023 citing sources. It stated that six final bids have been received for Future Retail. The highest bid is from Space Mantra, while five other companies have placed their bid for parts of the company. These five bidders are Pinnacle Air, Palgun Tech LLC, Lehar Solutions, Goodwill Furniture and Sarvabhishta e-waste management, ET Now report added. On March 23, creditors of FRL invited new Expressions of Interest (EoIs) whereby prospective buyers can bid for the debt-ridden firm "as a going concern or individual cluster or a combination of clusters of its assets", as it failed to attract a resolution plan in more than four months. In April, 48 companies, including Reliance Retail and Adani Group, were shortlisted in the list of eligible resolution applicants for Future Retail. On April 10, FRL updated a list of 49 companies, which had submitted EoIs after the company's lenders decided to invite fresh bids after dividing its assets into clusters. Some of the other players who had submitted EoIs include WHSmith Travel Ltd, Sahara Enterprises, Century Copper Corp, Greentech worldwide, Harsha Vardhan Reddy, J C Flowers Asset Reconstruction Pvt Ltd, Pinnacle Air Pvt Ltd, and Universal Associates Except for Bommidala Enterprises, an Andhra Pradesh-based manufacturer of tobacco products, all companies were included in the final list. Bommidala Enterprises indicated that it will not be submitting a resolution plan. Earlier in April, the Mumbai-based National Company Law Tribunal (NCLT) bench had granted FRL an extension of 90 days till July 15, 2023, for concluding the Corporate Insolvency Resolution Process (CIRP). 공고 • Jan 26
Future Retail Limited Announces Resignation of Kishore Biyani as Executive Chairman and Director Future Retail Limited informed that Mr. Kishore Biyani (DIN: 00005740) has tendered a letter of his resignation from the position of the "Executive Chairman and Director" of the Company with effect from 23 January 2023 (intimation received by resolution professional ("RP") through e-mail on 24th January 2023). 공고 • Nov 11
Reliance Group, Adani Reportedly Bid for India's Debt-Ridden Future Retail Companies led by Asia's richest man, Gautam Adani, and billionaire Mukesh Ambani, the owner of Reliance Industries Limited (NSEI:RELIANCE) have entered the fray to acquire India's debt-laden Future Retail Limited (NSEI:FRETAIL), a document seen by Reuters shows. April Moon Retail Private Ltd, a joint venture between Adani Airport holdings and Flemingo group, Reliance Retail ventures as well as 13 other firms have submitted expressions of interest (EOIs) for Future Retail. Future Retail's court-appointed resolution professional (RP), Reliance Industries and Adani group did not immediately respond to emails seeking comment. The deadline for submission of EOIs ended earlier this month for Future Group's flagship retail unit, Future Retail, which was once the country's second-largest retailer. It was dragged into bankruptcy proceedings by banks after it defaulted on loans and its lenders rejected a $3.4 billion sale of its assets to market leader Reliance Industries amid a legal challenge by Amazon.com Inc. (AMZN.O). The U.S. e-commerce giant has accused Future of violating certain contracts by dealing with Reliance. Other entities that have submitted EOIs include Shalimar Corporation Ltd, Nalwa Steel & Power, United Biotech, WHSmith Travel, Capri Global Holdings. A total of 33 lenders had submitted loan claims of about INR 210.6 billion ($2.59 billion) in August under the ongoing insolvency process. The lead lenders include Bank of India (BOI.NS) and State Bank of India (SBI.NS). Future Retail's RP had set a deadline of Oct. 20 for submission of EOIs which had to be extended due to lack of interest. The final list of entities who have submitted the EOIs will be issued on Nov. 20, following which they will be asked to submit a resolution plan by December 15. 공고 • Sep 30
Future Retail Limited Appoints Pratiksha Salecha as Company Secretary and Compliance Officer Future Retail Limited has approved the appointment of Ms. Pratiksha Salecha as Whole time Company Secretary for the Company. Accordingly, Mr. Pratiksha Salecha has been appointed as whole time Company Secretary for the Company, a KMP (in terms of Section 203 of the CompaniesAct, 2013), and as Compliance Officer of the Corporate Debtor (in terms of Regulation 6(1) of the SEBI Listing Regulations). Ms. Pratiksha Salecha is member of Institute of Company Secretaries of India (ICSI) and having membership no. ACS 53339 and has requisite qualification to hold position of the Whole time Company Secretary, KMP and Compliance Officer of the Corporate Debtor. 공고 • Sep 17
Future Retail Limited Announces Resignation of Jacob Mathew as Independent Director Future Retail Limited announced that Mr. Jacob Mathew has tendered a letter of his resignation from the position of the Independent Director of the Company with effect from 14th September, 2022 due to suspension of board as per the provisions of the Insolvency and Bankruptcy Code, 2016. 공고 • Aug 26
National Asset Reconstruction Company Limited has offered to acquire loan accounts of five companies from Future Retail Limited (NSEI:FRETAIL) and GTL Limited (BSE:500160). National Asset Reconstruction Company Limited has offered to acquire loan accounts of five companies from Future Retail Limited (NSEI:FRETAIL) and GTL Limited (BSE:500160) on August 19, 2022. The bad bank’s offers include 15 per cent of the consideration in cash, while the remaining 85 per cent would be in the form of security receipts. NARCL will come up with a binding offer only after it gets written consent from the lenders. 공고 • Jul 30
Future Retail Limited Announces Resignation Tendered by Independent Director, Ravindra Dhariwal Future Retail Limited announced that Mr. Ravindra Dhariwal has tendered a letter of his resignation from the position of the "Independent Director" of the Company with effect from 23rd July, 2022 (intimation received by IRP thru' e-mail on 28th July, 2022) due to Company being referred to insolvency /initiation of corporate insolvency resolution process and his power/role as Independent Director of the Company being suspended as per the provisions of the Insolvency and Bankruptcy Code, 2016. 공고 • May 14
Future Retail Limited Announces Resignation of C. P. Toshniwal as Chief Financial Officer Future Retail Limited announced that Mr. C. P. Toshniwal, Chief Financial Officer of the Company has resigned with effect from the closure of business hours of May 12, 2022. Consequent to the same, he shall also cease to be a `Key Managerial Personnel' (KMP) of the Company. Accordingly, he ceased to be CFO and KMP with effect from close of business hours on May 12, 2022. 공고 • May 03
Rakesh Biyani Do Not Sought Reappointment as Managing Director of Future Retail Limited Future Retail Limited informed that Mr. Rakesh Biyani (00005806) who was re-appointed as Managing Director for a period of three (3) years effective 02nd May, 2019, his term of office as Managing Director got completed on 01st May, 2022. As he has not sought reappointment, his appointment as Managing Director of the Company ceased to be effective with effect from 2nd May, 2022. 공고 • May 02
Future Retail Limited Announces Change in Directorate Future Retail Limited announced that Gagan Singh who was re-appointed as an Independent Director for a period of one (1) year effective 30 April, 2021 now ceased to be an Independent Director on completion of her term on 29 April, 2022. Consequently, she also ceased to be a member of the Audit Committee, Nomination and Remuneration Committee and Deal Strategy Committee of the Company. 공고 • Apr 03
Future Retail Limited Announces Default in Payment of Interest Due on Non-Convertible Debentures Future Retail Limited announced that the Company was able to make the payment for initial three trenches and failed to make the payment for last trench. Type of instrument is Rated, Listed, Secured, Redeemable, Non-Convertible Debentures. Date of default is March 31, 2022. Tenure as per revised term on implementation of OTR (Series IA 3 years 9 months & Series IB 4 years 9 months). Coupon Rate is 10.65% p.a. for both Series. Coupon Payment Frequency is Yearly for both Series. Current default amount is Interest due is INR 61,935,000 (till March 31, 2022). (only last trench of instalment amount has not been paid as per details given in its earlier letter dated 03rd June 2021). Gross Principal amount on which the default above has occurred is INR 1.99 billion (Series IA INR 1 billion & Series IB INR 0.99 billion). 공고 • Feb 16
Future Retail Limited Announces Lawsuit Update Future Retail Limited announced that further to Company's earlier communications, informed that the referenced Civil Appeals were earlier heard by the Hon'ble Supreme Court Bench comprising of the Hon'ble Chief Justice, Hon'ble Mr. Justice A. S. Bopanaa and Hon'ble Ms. Justice Hima Kohli. The Hon'ble Supreme Court has passed Judgment wherein the Company has been granted liberty to file an Application before Hon'ble Delhi High Court seeking continuation of National Company Law Tribunal proceedings (in relation to the Scheme of Arrangement) and directed the Learned Single Judge to hear the matter and pass appropriate order(s) uninfluenced by any observation of Hon'ble Supreme Court. Reported Earnings • Feb 15
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: ₹19.61 loss per share (down from ₹15.64 loss in 3Q 2021). Revenue: ₹28.3b (up 83% from 3Q 2021). Net loss: ₹10.6b (loss widened 26% from 3Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance. 공고 • Feb 08
Future Retail Limited to Report Q3, 2022 Results on Feb 14, 2022 Future Retail Limited announced that they will report Q3, 2022 results on Feb 14, 2022 공고 • Jan 26
Samara Capital made a term sheet to acquire Retail Assets from Future Retail Limited (NSEI:FRETAIL) for INR 7 billion. Samara Capital made a term sheet to acquire Retail Assets from Future Retail Limited (NSEI:FRETAIL) for INR 7 billion on January 21, 2022. Amazon has again written to independent directors of Future Retail (FRL), including Gagan Singh, Ravindra Dhariwal, and Jacob Mathew, expressing its willingness and ability to help FRL address its financial concerns. Amazon has reached out to FRL in response to the retailer's letter in which the company said that it is willing to accept Amazon’s proposal but under certain conditions, and assessment of the proposal will be subject to FRL’s legal obligations. Amazon has also sent the letter to top officials, including Ajay Tyagi, chairman, Securities and Exchange Board of India (SEBI), Ashok Gupta, chairman, Competition Commission of India (CCI), Sanjay Kumar Mishra, director, Enforcement Directorate, and G Mahalingam, whole-time member, Sebi. It has also been sent to top executives at Union Bank of India, Bank of India, State Bank of India, Bank of Baroda, Central Bank of India, Punjab National Bank, UCO Bank, and Indian Bank. Reported Earnings • Nov 15
Second quarter 2022 earnings released: ₹20.60 loss per share (vs ₹12.25 loss in 2Q 2021) The company reported a solid second quarter result with improved revenues and control over costs, although losses increased. Second quarter 2022 results: Revenue: ₹23.8b (up 67% from 2Q 2021). Net loss: ₹11.2b (loss widened 61% from 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Aug 26
Insider recently sold ₹2.2m worth of stock On the 20th of August, Shailesh Haribhakti sold around 50k shares on-market at roughly ₹44.70 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹8.7m more than they bought in the last 12 months. Reported Earnings • Jul 30
Full year 2021 earnings released: ₹59.03 loss per share (vs ₹0.22 profit in FY 2020) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2021 results: Revenue: ₹65.6b (down 68% from FY 2020). Net loss: ₹31.9b (down ₹32.0b from profit in FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 56 percentage points per year, which is a significant difference in performance. Executive Departure • Jun 02
Additional Independent Director has left the company On the 1st of June, Sridevi Badiga's tenure as Additional Independent Director ended after 4.1 years in the role. We don't have any record of a personal shareholding under Sridevi's name. A total of 2 executives have left over the last 12 months. 공고 • Apr 15
Future Retail Limited Announces Lawsuit Update Future Retail Limited announced further to letter dated 22 March, 2021 and with reference to the above, the company informed that the company's advocates are in receipt of communication dated 13 April, 2021 from advocates of Amazon.com NV Investment Holdings LLC (Amazon) informing that Amazon has filed a Special Leave Petition before the Hon'ble Supreme Court of India against the captioned Order dated 22 March, 2021 passed by the Division Bench of the Hon'ble High Court of Delhi in FAO (OS) (COMM.) No. 51 of 2021 and C.M. No. 11452/2021 in FAO (OS) (COMM.) No. 51 of 2021. The company shall defend the matter /proceedings through its legal counsels and keep informed about outcome of the same. 공고 • Mar 23
Future Retail Limited Announces Lawsuit Update Future Retail Limited announced by its letter dated March 20, 2021, the company disclosed that it has filed an appeal before the Division Bench of the Hon'ble Delhi High Court, against the order dated 18th March, 2021 ("Impugned Order") passed by a Ld. Single Judge in OMP (ENF)(COMM) No.17/2021 filed by Amazon.Com NV Investment Holdings LLC to enforce the Emergency Arbitrator's Order dated 25th October, 2020. Future Coupons Private Limited and the other respondents in these proceedings have also filed an appeal against the Impugned Order. The company updated the stock exchanges that the Division Bench comprising of the Hon'ble Chief Justice D. N. Patel and Hon'ble Justice Jasmeet Singh has passed an order in the appeals, and stayed the Impugned Order passed by the Ld. Single Judge. The Order was pronounced in open court and a copy thereof is awaited. 공고 • Mar 21
Future Retail Limited Provides Update on Interim Order by Delhi High Court in Petition filed by Amazon.com NV Investment Holdings LLC Future Retail Limited announced further to letter dated 2nd February, 2021 wherein the Company informed about the Interim Order passed by Hon'ble Delhi High Court in the matter OMP (Enf.) (Comm.) No. 17 of 2021. The Learned Single Judge has on 18th March, 2021 passed the detailed order providing the reasons for the ad-interim order passed on 2nd February 2021. Apart from the operative directions contained in the ad-interim order, this detailed order also deals with the other prayers of the petitioner (Amazon). It is to be pointed out that the portions of the operative part of this detailed order, already covered by the ad-interim order dated 2nd February, 2021, have been stayed by the Hon'ble Division Bench of Delhi High Court in an appeal filed by Future Retail Limited in which the Hon'ble Division Bench prima facie came to certain conclusions. Amazon has filed an appeal in the Hon'ble Supreme Court against the order passed by the Hon'ble Division Bench. The Hon'ble Supreme Court, in its order in Amazon's appeal, has not vacated the stay granted by the Hon'ble Division Bench (which stay is still in operation). The Hon'ble Supreme Court has directed that, in the meantime, the NCLT proceedings will be allowed to go on but will not culminate in any final order of sanction of scheme. are advised that this order does not come in the way of continuance of the ongoing NCLT proceedings, being inconsistent with the order dated 22nd February, 2021 of the Hon'ble Supreme Court. 공고 • Feb 23
Future Retail Limited Provides Update on Interim Order on Special Leave Petition Filed by Amazon Before the Hon'ble Supreme Court of India Future Retail Limited announced that further to letter dated 15 February 2021, the company would like to inform that the hearing was held on 22 February 2021 before Hon'ble Justice Rohinton Fali Nariman and Hon'ble Justice B. R. Gavai in the matter of SLP(C) No. 002856 - 002857 /2021 before the Hon'ble Supreme Court of India. The Hon'ble Supreme Court of India issued notice and set a schedule for filing of pleadings in the Special Leave Petition filed by Amazon.Com NV Investment Holdings LLC challenging the order dated 08th February, 2021 passed by the Division Bench of the Hon'ble Delhi High Court. The Division Bench of Hon'ble High Court had stayed, till 26th February, 2021 the order passed by the Single Judge of the Hon'ble Delhi High Court which, on 2nd February 2021 had directed all parties including regulatory authorities to maintain status quo (i.e. to stop the proceedings in the Scheme of Arrangement pending before NCLT, Mumbai) till the pronouncement of reasoned order of the Single Judge. The Hon'ble Supreme Court has further specifically ruled that the proceedings before NCLT will be allowed to go on but will not culminate in any final order of sanction of the scheme. Accordingly, the NCLT can now issue directions to convene the meetings of shareholders and creditors of the applicant companies including FRL to consider the Scheme. Is New 90 Day High Low • Feb 22
New 90-day low: ₹71.15 The company is down 18% from its price of ₹86.90 on 24 November 2020. The Indian market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Multiline Retail industry, which is down 2.0% over the same period. 공고 • Feb 03
Future Retail Limited Provides Update on Interim Order by Delhi High Court in Petition filed by Amazon.com NV Investment Holdings LLC Future Retail Limited announced that an Interim order has been pronounced on 2nd February, 2021 by Hon'ble Mr. Justice J R Midha of the Delhi High Court, pending pronouncement of an order on a petition filed by Amazon.com NV Investment Holdings LLC under Section 17(2) of Arbitration and Conciliation Act, 1996 ("A & C Act"). The Company will explore all legal remedies and take appropriate steps to pursue the scheme of arrangement. 공고 • Dec 05
Future Retail Limited, Annual General Meeting, Dec 30, 2020 Future Retail Limited, Annual General Meeting, Dec 30, 2020, at 14:00 Indian Standard Time. Agenda: To consider and approve the audited standalone and consolidated earnings results for the year ended March 31, 2020; to appoint directors of the company; to consider the approval for entering into party transactions; and to consider any other matters. Reported Earnings • Nov 14
Second quarter 2021 earnings released: ₹12.25 loss per share The company reported a poor second quarter result with weaker earnings, revenues and control over expenses. Second quarter 2021 results: Revenue: ₹14.2b (down 74% from 2Q 2020). Net loss: ₹6.92b (down ₹8.58b from profit in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 67% per year but the company’s share price has only fallen by 49% per year, which means it has not declined as severely as earnings. 공고 • Nov 07
Future Retail Limited to Report Q2, 2021 Results on Nov 13, 2020 Future Retail Limited announced that they will report Q2, 2021 results on Nov 13, 2020 Is New 90 Day High Low • Oct 28
New 90-day low: ₹69.35 The company is down 40% from its price of ₹116 on 30 July 2020. The Indian market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Multiline Retail industry, which is down 5.0% over the same period. Is New 90 Day High Low • Oct 09
New 90-day low: ₹78.25 The company is down 26% from its price of ₹106 on 10 July 2020. The Indian market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Multiline Retail industry, which is up 3.0% over the same period. Recent Insider Transactions • Oct 04
Insider recently sold ₹2.0m worth of stock On the 25th of September, Vineet Jain sold around 25k shares on-market at roughly ₹79.10 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹6.6m more than they bought in the last 12 months. Recent Insider Transactions • Sep 27
Insider recently sold ₹1.7m worth of stock On the 23rd of September, Vineet Jain sold around 20k shares on-market at roughly ₹86.45 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹4.7m more than they bought in the last 12 months. Is New 90 Day High Low • Sep 21
New 90-day low: ₹95.40 The company is down 23% from its price of ₹123 on 23 June 2020. The Indian market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Multiline Retail industry, which is up 10.0% over the same period. 공고 • Sep 11
Future Retail Limited to Report Q1, 2021 Results on Sep 14, 2020 Future Retail Limited announced that they will report Q1, 2021 results on Sep 14, 2020 공고 • Aug 30
Future Retail Limited to Report Q4, 2020 Results on Sep 04, 2020 Future Retail Limited announced that they will report Q4, 2020 results on Sep 04, 2020