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Future Enterprises Ltd (FEL) has defaulted on payment of Rs 19.16 crore to Punjab National Bank, Canara Bank and Union Bank of India under the one-time restructuring plan.
This is the second default by FEL this month.
The due date for payment of Rs 19.16 crore was March 28, FEL said in a regulatory filing.
"The company was not able to discharge the aforesaid obligations to respective banks/lenders, on due date," it said.
On March 25, the Future Group firm had informed about defaulting on repayment of Rs 93.99 crore to Punjab National Bank and Canara Bank under the OTR (One Time Restructuring Plan). The deadline for the repayment was March 23.
The group's leading company Future Retail Ltd defaulted on payment of Rs 3,494.56 crore to banks in January under the OTR plan.
FEL is a part of Rs 24,713 crore deal announced by the Future Group in August 2020, under which it is to sell 19 companies operating in retail, wholesale, logistics and warehousing assets to Reliance Retail.
All 19 companies would be consolidated into one entity -- FEL -- and then transferred to Reliance.
In April, Future Group companies will be conducting meetings of their respective shareholders and creditors between April 20 to April 23, 2022 to seek their approval for the Rs 24,713 crore deal

Biyani backed Future Enterprises defaults on loan repayment

Future Enterprises Ltd (FEL) has defaulted on payment of Rs 19.16 crore to Punjab National Bank, Canara Bank and Union Bank of India under the one-time restructuring pla

<ul>
<li>Biyani&nbsp;backed&nbsp;Future Enterprises defaults of Rs 19 cr loan to banks&nbsp;</li>
<li>This is the second default by Future Enterprise this month&nbsp;</li>
<li>Future Enterprise defaulted on Rs 94 cr loan earlier in March&nbsp;</li>
<li>Future Retail defaulted on payment of Rs 3,500&nbsp;crore to banks in January&nbsp;</li>
<li>Biyani's&nbsp;19 enterprises under duress as sale to Reliance awaits full clearance&nbsp;</li>
</ul>

The due date for payment of Rs 19.16 crore was March 28, FEL said in a regulatory filing

Future Enterprises Ltd (FEL) has defaulted on payment of Rs 19.16 crore to Punjab National Bank, Canara Bank and Union Bank of India under the one-time restructuring plan.
This is the second default by FEL this month.
The due date for payment of Rs 19.16 crore was March 28, FEL said in a regulatory filing.
"The company was not able to discharge the aforesaid obligations to respective banks/lenders, on due date," it said.
On March 25, the Future Group firm had informed about defaulting on repayment of Rs 93.99 crore to Punjab National Bank and Canara Bank under the OTR (One Time Restructuring Plan). The deadline for the repayment was March 23.
The group's leading company Future Retail Ltd defaulted on payment of Rs 3,494.56 crore to banks in January under the OTR plan.
FEL is a part of Rs 24,713 crore deal announced by the Future Group in August 2020, under which it is to sell 19 companies operating in retail, wholesale, logistics and warehousing assets to Reliance Retail. Read/Watch Also: <a href="https://www.editorji.com/business-news/gloves-come-off-as-amazon-calls-ril-future-deal-fraud-in-public-notice-1647322443175">Name calling begins between Amazon, Biyani</a>
All 19 companies would be consolidated into one entity -- FEL -- and then transferred to Reliance.
In April, Future Group companies will be conducting meetings of their respective shareholders and creditors between April 20 to April 23, 2022 to seek their approval for the Rs 24,713 crore deal

In a fresh twist in the fight to gain supremacy in the Indian retail market, billionaire Mukesh Ambani's Reliance Retail has slapped notices on Future Retail for terminating sub-leases of 950 stores it had taken over previously.
In stock exchange filings, the Kishore Biyani-led debt-laded Future Group firms said they have been served notices to terminate the lease of 835 Future Retail stores and 112 Future Lifestyle stores.
Last month, Reliance Retail had taken over store spaces for which the Future Group couldn't pay lease rent. These were then sub-let to the Future Group for operation.
Reliance Retail, the retail arm of the oil-to-telecom conglomerate, had in August 2020 agreed to take over the retail and logistics business of the Future Group for Rs 24,713 crore but the deal couldn't be closed, as Future's warring partner Amazon went to courts citing violation of some contracts.

Reliance terminates sub-lease of 950 Future stores

Last month, Reliance Retail had taken over store spaces for which the Future Group couldn't pay lease rent. These were then sub-let to the Future Group for operation.

Reliance Retail&nbsp;in August 2020 agreed to take over the retail and logistics business of the Future Group for Rs 24,713 cr

In a fresh twist in the fight to gain supremacy in the Indian retail market, billionaire Mukesh Ambani's Reliance Retail has slapped notices on Future Retail for terminating sub-leases of 950 stores it had taken over previously.
In stock exchange filings, the Kishore Biyani-led debt-laded Future Group firms said they have been served notices to terminate the lease of 835 Future Retail stores and 112 Future Lifestyle stores.
Last month, Reliance Retail had taken over store spaces for which the Future Group couldn't pay lease rent. These were then sub-let to the Future Group for operation.
Reliance Retail, the retail arm of the oil-to-telecom conglomerate, had in August 2020 agreed to take over the retail and logistics business of the Future Group for Rs 24,713 crore but the deal couldn't be closed, as Future's warring partner Amazon went to courts citing violation of some contracts.

In a scathing order against e-commerce giant Amazon, India's anti-trust body CCI said Amazon had "suppressed the actual scope" of the Future deal and had made "false and incorrect statements" while seeking approvals.Owing to this Competition Commission of India suspended Amazon.com's 2019 deal with Future Group. Which is the centrepoint of a legal battle between Amazon and Future Retail and the obstacle in Mukesh Ambani acquiring the latter's assets. As part of the deal, Amazon had acquired 49 per cent stake in Future Coupons - the promoter firm of Future Retail and also had rights to buy into the flagship Future Retail after three to 10 years.Just a year into the agreement, Reliance Retail Ventures in August announced the buyout of the retail, wholesale, logistics and warehousing business of Future Group for ₹ 24,713 crore.The bitter battle which is currently in the Supreme Court began from there as Amazon objected to Future's deal with Reliance, saying that it was a violation of a non-compete clause and a right-of-first-refusal pact it had signed with Future Group. The CCI’s order comes two weeks after the Supreme Court had given two weeks’ time to Amazon to file its response in a case
 

CCI slams Amazon: Cancels deal with Future, imposes Rs 200 cr fine

In a 57-page order, the CCI said it considers "it necessary to examine the combination (deal) afresh"

CCI: Amazon made false statements, cancels deal and imposes Rs 200 cr fine

<ul>
<li>CCI: Amazon&nbsp;suppressed the actual scope of the Future deal&nbsp;</li>
<li>CCI&nbsp;order says Amazon made&nbsp;false and incorrect statements to get approvals&nbsp;</li>
<li>CCI&nbsp;cancels Amazon's 2019 deal approval with Future Retail&nbsp;</li>
<li>CCI's&nbsp;order big win for Future to pave way for sale to Reliance&nbsp;</li>
<li>Amazon had blocked Reliance's buyout of&nbsp;Future Retail assets&nbsp;</li>
<li>Amazon &amp; Future retail case currently in the Supreme Court</li>
</ul>

In a 57-page order, the CCI said it considers "it necessary to examine the combination (deal) afresh"

In a scathing order against e-commerce giant Amazon, India's anti-trust body CCI&nbsp;said&nbsp;Amazon had "suppressed the actual scope" of the Future deal and had made "false and incorrect statements" while seeking approvals. Owing to this&nbsp;Competition Commission of India&nbsp;suspended Amazon.com's 2019 deal with Future Group. Which is the centrepoint of a legal battle between Amazon and Future Retail and the obstacle in Mukesh&nbsp;Ambani&nbsp;acquiring the latter's&nbsp;assets.&nbsp; Read/Watch Also: <a href="https://www.editorji.com/business-news/amazon-faces-a-billion-dollar-fine-for-abusing-market-dominance-1639104832300">Amazon fined a billion dollars</a> As part of the deal, Amazon had acquired 49 per cent stake in Future Coupons - the promoter firm of Future Retail and also had rights to buy into the flagship Future Retail after three&nbsp;to 10 years. Just a year into the agreement,&nbsp;Reliance Retail Ventures in August announced the buyout of the&nbsp;retail, wholesale,&nbsp;logistics and warehousing business of Future Group for&nbsp;₹&nbsp;24,713 crore. The bitter battle which is currently in the Supreme Court began from there as&nbsp;Amazon objected to Future's&nbsp;deal with Reliance, saying that it was a violation of a non-compete clause and a right-of-first-refusal pact it had signed with Future Group.&nbsp; The CCI&rsquo;s order comes two weeks after the Supreme Court had given two weeks&rsquo; time to Amazon to file its response in the case.
&nbsp;

The Enforcement Directorate has issued summons to Amazon India head Amit Agarwal, other senior officials of the retail major, and officials of Future Group as the deal dispute continues.&nbsp;ED is probing if there were any violations of foreign investment laws when Amazon made a $200 million investment in Future Coupons, in 2019&ldquo;We are in receipt of summons issued by the ED in connection with the Future Group. As we have just received the summons, we are examining it and will respond within the given time frame," an Amazon spokesperson said.At least two senior Future Group executives also have been summoned to appear before the Enforcement Directorate in the week of December&nbsp;6, a source with direct knowledge of the matter told Reuters, declining to be named as the matter was not public.

Amazon India chief summoned by ED as the battle with Biyani's Future Group worsens

Biyani vs Bezos: Now ED steps in and summons India chief of Amazon

ED is probing if there were any violations of foreign investment laws when Amazon made a $200 million investment in Future Coupons, in 2019

The Enforcement Directorate has issued summons to Amazon India head Amit Agarwal, other senior officials of the retail major, and officials of Future Group as the deal dispute continues.&nbsp; ED is probing if there were any violations of foreign investment laws when Amazon made a $200 million investment in Future Coupons, in 2019 &ldquo;We are in receipt of summons issued by the ED in connection with the Future Group. As we have just received the summons, we are examining it and will respond within the given time frame," an Amazon spokesperson said. At least two senior Future Group executives also have been summoned to appear before the Enforcement Directorate in the week of December&nbsp;6, a source with direct knowledge of the matter told Reuters, declining to be named as the matter was not public.

In a big setback for Kishore Biyani&rsquo;s Future Retail, Supreme Court on Friday ruled in favour of Amazon which would now block the sale of assets to Mukesh Ambani&rsquo;s Reliance.
Supreme Court held that the Emergency Arbitrator order is enforceable, the order had directed for a stay on Future Retail selling it&rsquo;s assets to Reliance.
In February this year, Amazon had filed a legal case against its partner Future Group challenging the Rs 24,000 cr sale to Mukesh Ambani.
Amazon had invested in Future group via coupons which meant they had the right to buy stake over 3-10 years and the e-commerce giant alleged that Biyani breached contract by entering into a sale agreement with Reliance. Amazon alleged that Future group could not sell retail assets to anyone on the "restricted persons" list, including Reliance.
With the current ruling, the Rs 24,000 cr deal between Reliance &amp; Future will not be allowed to go through.

Setback for Biyani as Supreme Court backs Bezos’ Amazon 

Supreme Court rules in favour of Amazon in case against Future Retail
Court says, Emergency Award passed by Singapore arbitrator is enforceable under Indian law
Supreme&nbsp;Court halts Rs 24,731 crore deal between Future Retail and Reliance

The Rs 24,000 cr deal between Reliance &amp; Future will not be allowed to go through.

In a big setback for Kishore Biyani&rsquo;s Future Retail, Supreme Court on Friday ruled in favour of Amazon which would now block the sale of assets to Mukesh Ambani&rsquo;s Reliance.
Supreme Court held that the Emergency Arbitrator order is enforceable, the order had directed for a stay on Future Retail selling it&rsquo;s assets to Reliance.
In February this year, Amazon had filed a legal case against its partner Future Group challenging the Rs 24,000 cr sale to Mukesh Ambani.
Amazon had invested in Future group via coupons which meant they had the right to buy stake over 3-10 years and the e-commerce giant alleged that Biyani breached contract by entering into a sale agreement with Reliance. Amazon alleged that Future group could not sell retail assets to anyone on the "restricted persons" list, including Reliance.
With the current ruling, the Rs 24,000 cr deal between Reliance &amp; Future will not be allowed to go through.

Future Group approached the Delhi High Court challenging a single judge's order upholding the Singapore's Emergency Arbitrator's (EA) order restraining Future Retail Ltd (FRL) from going ahead with its Rs 24,713 crore deal with Reliance Retail to sell its business, which was objected to by US-based e-commerce giant Amazon.
The appeal by&nbsp;will be heard on March 22 by a bench of Chief Justice D N Patel and Justice Jasmeet Singh.
Biyani&nbsp;backed Future Group and Amazon have been locked in a battle after the US-based company took FRL into the emergency arbitration over alleged breach of a contract between them.

Biyani vs Bezos: Future Group moves Delhi HC against restraining order

Another twist in the Amazon Biyani&nbsp;Reliance tango. Biyani&nbsp;backed Future Group has appealed against the single judge order that is holding up the Reliance deal.&nbsp;

Future Group approached the Delhi High Court challenging a single judge's order upholding the Singapore's Emergency Arbitrator's (EA) order restraining Future Retail Ltd (FRL) from going ahead with its Rs 24,713 crore deal with Reliance Retail to sell its business, which was objected to by US-based e-commerce giant Amazon.
The appeal by&nbsp;will be heard on March 22 by a bench of Chief Justice D N Patel and Justice Jasmeet Singh.
Biyani&nbsp;backed Future Group and Amazon have been locked in a battle after the US-based company took FRL into the emergency arbitration over alleged breach of a contract between them.

The Securities and Exchange Board of India (SEBI) has&nbsp;barred Future Group CEO Kishore Biyani from accessing the securities market for a year after its investigation revealed insider trading in 2017. The capital market regulator said Biyani and his brother Anil&nbsp;traded in shares of&nbsp;Future Retail through another unit using unpublished price sensitive information. This happened between March 10, 2017, and April 20, 2017, when certain businesses of FRL were recast, causing its share price to rise, it said.
&nbsp;

SEBI bars Future Group CEO Kirshore Biyani from securities market for 1 year

SEBI&nbsp;has&nbsp;barred Future Group CEO Kishore Biyani from the securities market for a year over insider trading

The Securities and Exchange Board of India&nbsp;has&nbsp;barred Future Group CEO Kishore Biyani from accessing the securities market for a year after its investigation revealed insider trading in 2017. The capital market regulator said Biyani and his brother Anil&nbsp;traded in shares of&nbsp;Future Retail through another unit using unpublished price sensitive information. This happened between March 10, 2017, and April 20, 2017, when certain businesses of FRL were recast, causing its share price to rise, it said.

The Securities and Exchange Board of India (SEBI) has&nbsp;barred Future Group CEO Kishore Biyani from accessing the securities market for a year after its investigation revealed insider trading in 2017. The capital market regulator said Biyani and his brother Anil&nbsp;traded in shares of&nbsp;Future Retail through another unit using unpublished price sensitive information. This happened between March 10, 2017, and April 20, 2017, when certain businesses of FRL were recast, causing its share price to rise, it said.
&nbsp;

Market regulator SEBI gave a go-ahead on Wednesday to Future Group's scheme of arrangement and sale of assets to Reliance. The Bombay Stock Exchange also granted its "no adverse observation" report to the Rs 24,700-crore deal.
Amazon had written several letters to the SEBI and other regulatory agencies to suspend their review of the deal. It had pleaded wit the regulators to not grant it a no objection certification on ground that its challenge to the agreement was before the Delhi High Court.
The Securities and Exchange Board of India allowed the deal with some riders, five months after it was announced last August.
While seeking shareholders or the National Company Law Tribunal approval, the SEBI has asked Future Group to specifically mention the litigation pending before the Delhi High Court and arbitration proceedings by the e-commerce major Amazon contesting the deal, the Bombay Stock Exchange stated in its observation letter.
The BSE has also held that SEBI's go-ahead on the draft scheme of arrangement would be subject to the outcome of these proceedings.
"It is observed that there are certain ongoing litigations/arbitration/legal proceedings against the draft scheme," the SEBI said.

Reliance-Future 24,700 cr deal gets SEBI nod despite

Reliance-Future's ₹24,000-crore&nbsp;deal cleared by market regulator SEBI &nbsp;

Reliance-Future 24,700 cr deal gets SEBI nod despite Amazon objections

Market regulator SEBI gave a go-ahead on Wednesday to Future Group's scheme of arrangement and sale of assets to Reliance. The Bombay Stock Exchange also granted its "no adverse observation" report to the Rs 24,700-crore deal.&nbsp;Amazon had written several letters to the SEBI and other regulatory agencies to suspend their review of the deal. It had pleaded wit the regulators to not grant it a no objection certification on ground that its challenge to the agreement was before the Delhi High Court.&nbsp;The Securities and Exchange Board of India allowed the deal with some riders, five months after it was announced last August.

Market regulator SEBI gave a go-ahead on Wednesday to Future Group's scheme of arrangement and sale of assets to Reliance. The Bombay Stock Exchange also granted its "no adverse observation" report to the Rs 24,700-crore deal.
Amazon had written several letters to the SEBI and other regulatory agencies to suspend their review of the deal. It had pleaded wit the regulators to not grant it a no objection certification on ground that its challenge to the agreement was before the Delhi High Court.
The Securities and Exchange Board of India allowed the deal with some riders, five months after it was announced last August.
While seeking shareholders or the National Company Law Tribunal approval, the SEBI has asked Future Group to specifically mention the litigation pending before the Delhi High Court and arbitration proceedings by the e-commerce major Amazon contesting the deal, the Bombay Stock Exchange stated in its observation letter.
The BSE has also held that SEBI's go-ahead on the draft scheme of arrangement would be subject to the outcome of these proceedings.
"It is observed that there are certain ongoing litigations/arbitration/legal proceedings against the draft scheme," the SEBI said.

RIL, Future Group to take on Amazon over stalled deal

Future Retail may challenge the ruling from the Singapore-based arbitrator before Indian legal forums;&nbsp;RIL&nbsp;too intends to complete the transaction without any delay

RIL, Future Group respond to Amazon-invoked arbitration ruling

Future Retail on Monday hinted that it may challenge the arbitration award from the Singapore-based arbitration center before Indian legal forums. The company also said that&nbsp;Future Retail Ltd&nbsp;is not a party to the agreement under which Amazon has invoked arbitration proceedings.&nbsp;
Meanwhile, RIL&nbsp;said it intends to enforce its rights and complete the transaction in terms of the scheme and agreement with Future group without any delay. The&nbsp;Reliance-Future Retail deal has been done under proper legal advice and the rights and obligations are fully enforceable under Indian Law, RIL&nbsp;said in an exchange filing.

Future-RIL deal on hold; favourable ruling for Amazon

The Future-Reliance deal has been put on hold by a Singapore-based arbitration panel; favourable ruling for Amazon

Amazon Inc has won an interim award against its partner Future Group selling retail business to Reliance Industries after a Singapore-based arbitration panel put the deal on hold.
The e-commerce giant had dragged Future to arbitration after the indebted Kishore Biyani group firm signed pact to sell retail, wholesale, logistics and warehousing units to billionaire Mukesh Ambani's Reliance&nbsp;for ₹24,713 crore.
Amazon had purchased 49% in one of Future's unlisted firms last year with the right to buy into Future Retail Ltd after a period of three years to 10 years. It believes Future Group violated the contract by entering into the deal with rival Reliance.

Sachin Bansal in talks to buy Future Generali Life Insurance

Sachin Bansal in reportedly in talks with Kishore&nbsp;Biyani's&nbsp;Future Group to buy&nbsp;Future Generali&nbsp;Life Insurance Co Ltd.
&nbsp;

Sachin&nbsp;Bansal in talks to buy Future Generali&nbsp;Life Insurance
Kishore Biyani's Future&nbsp;Group has 57.62% stake in the firm
Bansal's Navi Technologies likely to acquire insurance firm
Takeover not announced, estimated worth ₹1,400-1,500 cr
Value of Future Generali Life estimated to be ₹800 crore

Sachin Bansal, co-founder of e-commerce giant&nbsp;Flipkart, is reportedly in talks with&nbsp;Kishore Biyani's Future Group&nbsp;to buy out its life insurance JV arm Future Generali India Life Insurance Co. Ltd.&nbsp;
Bansal's financial services startup Navi Technologies is likely to acquire the&nbsp;Future Group's insurance firm for Rs 1,400-1,500 crore, say reports.
The deal is in a formal proposal stage and is likely to be announced soon. The embedded value of Future Generali Life is estimated to be around Rs 800 crore and a multiple of 1.5-2 times, which seems to be a decent valuation as per the industry standards, according to a report in Mint.

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