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Future Lifestyle Fashions (FLFL), a Kishore Biyani-promoted company, has received two resolution offers from scrap dealer Space Mantra and fashion retailer Donear Industries. Space Mantra s Rs 550-crore offer for Future Retail was rejected by lenders due to its low price. Donear Industries-owned textile maker GBTL showed interest in acquiring Future Enterprises, but did not submit a resolution plan. ....
Future Lifestyle Fashions (FLFL), a Kishore Biyani-promoted company, has received two resolution offers from scrap dealer Space Mantra and fashion retailer Donear Industries. Space Mantra s Rs 550-crore offer for Future Retail was rejected by lenders due to its low price. Donear Industries-owned textile maker GBTL showed interest in acquiring Future Enterprises, but did not submit a resolution plan. ....
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. ....
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. ....
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. ....