The ₹24,713 crore deal between Reliance Industries and Future Retail has been called off with nearly 70 per cent of the secured creditors rejecting the proposal. The results of the shareholders’ voting that had taken place on Wednesday were disclosed by Future Retail on Friday
The Kishore Biyani-owned Future Retail informed the stock exchanges that it has secured 85.9 per cent of the shareholder votes in favour of the deal with Reliance. More than 78 per cent of shareholders and unsecured creditors supported the deal but FRL did not get the requisite 75 per cent favourable voting from secured creditors.
In a statement to the exchanges on Saturday, Reliance Industries’ retail arm, Reliance Retail, said, “The Future Group companies comprising Future Retail Limited (FRL) and other listed companies involved in the scheme have intimated the results of the voting on the scheme of arrangement by their shareholders and creditors at their respective meetings.”
It added, “As per these results, the shareholders and unsecured creditors of FRL have voted in favour of the scheme. But the secured creditors of FRL have voted against the scheme. In view thereof, the subject scheme of arrangement cannot be implemented.”
Multiple listed Future Group entities including Future Retail Ltd, Future Enterprises Ltd (FEL), Future Market Networks Ltd, Future Consumer Ltd, Future Supply Chain Solutions Ltd and Future Lifestyle Fashions Ltd on Saturday also informed the exchanges that the composite Scheme of Arrangement with Reliance Group entities cannot be implemented due to the outcome of the voting.
Meanwhile, Future Lifestyle Fashions Ltd.’s chairman and independent director Shailesh Haribhakti has tendered his resignation.
Future Consumer Ltd announced the appointment of Amit Kumar Agarwal as an additional Executive Director of the company for a term of three years which shall come into effect from April 25, 2022.
Separately, the Board of Directors of the company at its meeting held on April 23, 2022 approved the cancellation of an aggregate of 21,30,000 stock options granted earlier under the ‘Future Consumer Enterprise Limited Employee Stock Option Plan 2014’ and the said Stock Options have been credited back to ESOP pool account.
has approved the appointment of Rakesh Jha, as a Wholetime Director (designated as Executive Director) of the Bank subject to regulatory approvals for a period of five years effective from May 1, 2022 or the date of approval of his appointment by RBI, whichever is later. The Board also took on record the resignation of Vishakha Mulye, Executive Director with effect from May 31, 2022, consequent to her decision to pursue career opportunities outside the ICICI Group. The Board has also approved the appointment of Anindya Banerjee as the Group Chief Financial Officer and Key Managerial Personnel of the Bank with effect from May 1, 2022.
The country’s second largest private lender also reported its quarterly earnings over the weekend. It reported a 59.4 per cent jump in its standalone net profit to ₹7,018.71 crore in the fourth quarter of fiscal 2021-22, led by a sharp growth in net interest income and lower provisions. This is its highest ever quarterly net profit. The Board has also recommended a dividend of 5 per equity share subject to requisite approvals. The dividend will be paid on or after the same is approved by shareholders at the ensuing Annual General Meeting, it said.
Vedanta Group is in talks with strategic investors to sell 25 per cent in each of the three business units of Sterlite Technologies Ltd. Sterlite Technologies has three business units, including the optical fibre manufacturing, telecom network services business and software services.
“We are bringing in partners in each of these businesses separately and looking to offload about 20-25 per cent equity. There is a huge demand for investment in these businesses. The process is on. We have appointed a banker. We are looking at a valuation of $2 billion in each of this businesses,” Anil Agarwal, Chairman, Vedanta Group, told BusinessLine.
Aditya Birla Capital has appointed Vishakha Mulye has been appointed as the next Chief Executive Officer of the company. Mulye will be replacing Ajay Srinivasan, who is taking up other responsibilities within the group and will join Aditya Birla Capital on June 1, 2022, as per the exchange filing.
Zensar Technologies has announced the nomination of Sachin Zute as Chief Financial Officer Designate. He will be based out of the Company’s headquarters in Pune, India.
During this period, the control and management of the company rested with erstwhile promoters Malvinder Mohan Singh and Shivinder Mohan Singh and certain individuals who were accustomed to act on their instructions. None of these are now associated with REL.The erstwhile promoters have already been reclassified as public shareholders by the exchanges and REL is a professional company without any promoter.
Aditya Birla Sun Life Mutual Fund sold 2.09 percent stake in Quess Corp via open market transactions on April 19, reducing its shareholding in the company from from 5.55 pe rcent to 3.45 percent.