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Market Watch

Kishore Biyani

Founder, Future Group

Birth Details1961 | Mumbai, India

NationalityIndian

LeagueBusiness Leader

EducationGraduate, Bombay University

Net Worth$1.78 billion (As of October 9, 2019)

Kishore Biyani's Assets:

Future Group

Kishore Biyani's Journey so far ...

Hailing from a family of textile merchants, Kishore Biyani did his graduation in Science and Arts from the Bombay University
He left the family business to start selling stone-wash denim fabric. Known for his astute understanding of the Indian consumer, Biyani set up the Future Group in 1996
He inaugurated the first Pantaloons store in Kolkata in 1997. The brand was later sold to Aditya Birla Nuvo in 2012
From garments, Biyani expanded the group's presence into other segments with a wide portfolio of brands in food, FMCG, fashion and footwear
Widely credited as the pioneer of the modern retail industry in India, Biyani in 2001 launched Big Bazaar, a hypermarket chain, leading to the democratisation of shopping in the country
Many in the country compare Big Bazaar to Walmart of the US; however, Biyani says that the group missed the opportunity in the online space
Known as the retail king, Biyani runs India's second-largest retail chain by revenue, with more than 1,300 stores in over 400 cities and towns across the country
Biyani is acknowledged for bringing organized retailing to India, generally serviced by thousands of mom-and-pop kirana stores. The Future Group currently has multiple retail chains like FBB, Central, EasyDay and Foodworld
As one of India's most successful retailing pioneers, Biyani attracted investments into the group from major foreign firms like Amazon and Blackstone
Biyani has led the Future Group into successful joint ventures with British footwear marker Clarks, Italian insurer Generali Group, New Zealand's dairy group Fonterra and Middle East's Ramdas Khimji
The retail baron spent Rs 26 crore and produced two Bollywood films- ‘Na Tum Jaano Hum' in 2002 and 'Chura Liya Hai Tumne' in 2003, but both of them tanked at the box-office
In August 2020, Biyani had reached a deal to sell Future's retail, wholesale, logistics and warehousing divisions to Reliance for $3.38 billion, including debt. The deal was challenged by Amazon before the Singapore International Arbitration Centre (SIAC) accusing Future of violating contracts by agreeing to the sale

Before you go ...

In 2007, Biyani authored the book, 'It Happened in India.' He said his next book if he writes one, will be on technology
In an interview with ET, Biyani said that he studied typing, created some unique yarns, and started disco dandiya, an improvised version of the dance form which became popular in his building

Last Updated: 27/02/2021

Kishore Biyani News

All you need to know about Kamath & Biyani’s entrepreneurship programme, The Foundery
Foundery is a 90-day, residential entrepreneurship programme, based in Alibaug, backed by Kamath’s investor firm WTFund and Biyani’s Think9. The programme is expected to see collaboration with other leading Indian entrepreneurs, including founders and CEOs from companies such as Paytm, Peak XV, and Caratlane.
The Economic Times CEO Roundtable 2025: A Glimpse
Indian corporate leaders at the ET CEO Roundtable said India’s stability offers a major opportunity amid global turmoil. Here’s a glimpse of The Economic Times CEO Roundtable 2025.
ETtech Explainer: Inside Amazon’s victory against Future Group in Reliance deal
The global retail major was awarded only Rs 23.7 crore in damages against its claim of Rs 1,436 crore. One reason was probably because the Singapore International Arbitration Centre believed that even if all contractual agreements had been fully performed, Amazon would not have recovered its entire investment due to the declining financial condition of FRL.
Singapore International Arbitration Centre rules in favour of Amazon in Future Group case
The Singapore International Arbitration Centre (SIAC) has ruled in favor of Amazon in its dispute with Future Group, stating that Future's deal with Reliance Retail violated a prior agreement. The tribunal found Future Retail's resolution approving the sale of assets to Reliance breached contractual obligations. While Amazon sought ₹1,436 crore in damages, the tribunal awarded ₹23.
SC refuses to halt insolvency proceedings against Future Ideas, a part of erstwhile Kishore Biyani-led Future Group
The Supreme Court declined to halt insolvency proceedings against Future Ideas Company Ltd, a Future Group entity, but has asked Axis Trustee Services and resolution professional Ritesh Agarwal to respond to an appeal by Anil Biyani. The appeal challenges the NCLAT's order upholding FICL's insolvency admission based on a default of ₹122.83 crore to Axis Trustee Services.
K Raheja Corp inks pact to buy 5.7 acres in Mumbai’s Kandivali for Rs 466 crore
K Raheja Corp is buying a 5.75-acre plot with a building in Mumbai's Kandivali East for Rs 466 crore. The developer plans to build a premium residential project on the site. This is their fourth property acquisition recently. K Raheja Corp is expanding its portfolio with luxury projects in prime locations due to increasing demand.
K Raheja Corp buys two SOBO properties including Bayside Mall for Rs 355 cr
Real estate giant K Raheja Corp purchased two significant properties in South Mumbai. The deal included Bayside Mall and Popular Press Building in Tardeo. The acquisition cost exceeded Rs 355 crore. This follows K Raheja Corp's purchase of Central Mall earlier this year. The company plans to develop a luxury residential project on the newly acquired land.
SpaceMantra pulls out resolution plan for Future Lifestyle
SpaceMantra withdraws its ₹490 crore bid for Future Lifestyle Fashions days before winning creditors' vote, citing delays and value erosion. Creditors, including lead lender SBI, face hurdles in recovery as the consortium fails to comply with payment obligations, risking only the ₹2 crore deposit.
Bankruptcy court admits Kishore Biyani-promoted Future Retail for liquidation
The Mumbai bench of the National Company Law Tribunal (NCLT) has admitted Kishore Biyani's Future Retail Ltd for liquidation due to the absence of a viable revival plan. Sanjay Gupta has been appointed as the liquidator. The company faces liabilities exceeding Rs 28,452 crore, including Rs 14,422 crore from secured creditors.
Future Enterprises' creditors scrap simultaneous vote for its assets
Creditors had divided FEL's assets into three clusters - insurance, textile businesses, and other residual stakes including its investments in a manufacturing unit each at Tarapur-Palghar in Maharashtra and Mahadevapura-Bengaluru in Karnataka. Central Bank had emerged the highest bidder for the insurance business, while metals company Orissa Metaliks had pipped Mumbai-based financial services firm Uniworth Finlease with a ₹75 crore offer for the manufacturing units.
Kishore Biyani settles lenders’ dues by selling SOBO mall to K Raheja Corp
The settlement was backed by realty developer K Raheja Corp., which acquired SOBO Central Mall. Earlier known as Crossroads, SOBO Central is the country’s first mall, having opened in late 1990s in south Mumbai's Haji Ali locality.
Kishore Biyani offers Rs 476 cr for a Mumbai mall after Runwal's win
The Biyani offer comes just days after creditors had approved a Rs 475-crore bid from Runwal Group for the asset through an auction process, multiple people familiar with the development said.
NCLT allows 45-day extension for Future unit resolution
The resolution professional of the BSE-listed Future Supply Chain Solutions, Rajan Rawat, sought an extension of 45 days, pleading that two prospective resolution applicants have submitted their bids and lenders have already requested them to increase the value of their plans.
Lenders fail to get bids for SOBO Central Mall owner
Lenders had initiated SARFAESI proceedings to recover their dues totalling ₹571 crore from the company but they received no bids until the end of the auction deadline on Monday at a reserve price of ₹500 crore.
SAT quashes Sebi's order against Kishore Biyani, others in insider trading case
The ruling came after the entities challenged an order passed by the Securities and Exchange Board of India (Sebi) in February 2021 that had barred Kishore Biyani and certain other promoters of Future Retail Ltd from the securities market for one year for indulging in insider trading in the shares of the company
Future Enterprises' lenders hope for a better future, to restart bidding
FEL used to develop, own and lease retail infrastructure for Future Group. It also held the group's investments in subsidiaries and joint ventures including insurance, textile manufacturing, supply chain, and logistics. Lenders are hoping for better valuations for the company because of the stakes it holds in the growing insurance ventures.
Jindal's Rs 301 crore Future bid shocks lenders
In a financial maneuver that has raised eyebrows, Jindal (India) has submitted a bid of ₹301 crore for the debt-laden Future Enterprises (FEL), a sum that amounts to less than 3% of the staggering ₹12,265-crore loan exposure, rendering it almost inconsequential to the lenders, according to individuals familiar with the bidding process.
Future Retail approaches liquidation as efforts to secure buyer fall short
Future Retail confirmed the insolvency professional's move to initiate the liquidation process. The application for liquidation under Section 33 of the Insolvency and Bankruptcy Code, 2016, was filed with the National Company Law Tribunal (NCLT), Mumbai bench, on November 9.
Why Ambani and Jindal see future in debt-laden Future Group
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.
NCLT admits personal insolvency application against Kishore Biyani
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 moves Bombay High Court against BDO and Bank of India
On Monday, Future Retail said in the stock exchange announcement that Biyani has filed a writ petition against the company, its forensic auditor BDO India and its lender Bank of India.
Kishore Biyani moves Bombay High Court against forensic audit of Future Retail
Kishore Biyani, the former promoter of Future Retail, has filed a petition in the Bombay High Court challenging the forensic audit process of the company. Bank of India had asked Biyani and his brother to respond to the findings of the forensic audit report. The resolution professional of Future Retail had replied to the bank's queries.
A defunct mall offers hope for future's creditors
Lenders to Bansi Mall Management Co (BMMCPL), which owns SOBO Central Mall in Mumbai's Haji Ali area, have initiated Sarfaesi poceedings to recover their dues totalling ₹571 crore. Canara Bank and Punjab National Bank (PNB) are the two primary charge holders as they are direct lenders to the company. Canara Bank is the lead lender with ₹131 crore of loans outstanding, while PNB has primary dues of ₹90 crore, people familiar with the matter said.
Future Group companies move Delhi HC against debt recovery tribunal order
The Future Group companies on Tuesday moved the Delhi High Court against a debt recovery tribunal's July 31 order that restrained them from alienating their assets in recovery proceedings initiated by lenders. A bench led by Chief Justice Satish Chandra Sharma, while seeking response from the government, Future Group founder Kishore Biyani, Rattan India Finance, RBL Bank, Yes Bank and others refused to stay the DRT order. The matter will be next heard on October 18.
Future Lifestyle resolution hits a bump over forensic auditor's role
The sale of Future Lifestyle Fashions (FLFL) under the corporate insolvency process has run into a roadblock due to a conflict of interest between promoter Kishore Biyani and the forensic auditor appointed by lenders, people aware of the development said. Dilip Dixit had undertaken an assignment for one of the Biyani-promoted company before FLFL was admitted for corporate insolvency. Dixit is also partner of GD Apte & Co, the firm which the lenders appointed as forensic auditor of FLFL in July 2022.
Future Retail resolution professional moves NCLT against Kishore Biyani and family alleging fraudulent transaction
This application "has been filed pursuant to the findings in the report received from Nangia & Co. LLP, which was appointed as 'Transaction Review Auditor' by the RP," said a regulatory filing from Future Retail Ltd (FRL). The Transaction Review Auditor was to assist RP in his duties and the determination, wherein a transaction has been reported under Section 66 of the Code for adjudication by the NCLT.
Future Lifestyle Insolvency: Claims worth Rs 3,477 crore admitted from financial creditors
Future Lifestyle Fashions Ltd (FLFL) has said that claims worth Rs 3,477.28 crore from as many as 17 financial creditors have been admitted in the ongoing Corporate Insolvency Resolution Process (CIRP). Catalyst Trusteeship Ltd has emerged as the lead financial creditor with Rs 600.40 crore, having a 17.4 per cent voting share in the Committee of Creditors (CoC), formed for the debt-ridden Future Group firm.
Only one bidder for whole of Future Retail
Space Mantra's offer of ₹550 crore, however, is less than 3% of the total outstanding dues of ₹19,200 crore of financial creditors and is also conditional on it being able to realise value from the sale of remaining assets in the company, people aware of the development said.
Scrap dealers among six companies to bid for troubled Future Retail
An Adani Group entity, April Moon Retail, and Reliance had initially responded to invitations for expressions of interest (EoI) for the insolvent retailer. Space Mantra Pvt Ltd, Pinnacle Air Private Ltd, Palguntech LLC, Lehar Solutions, Goodwill Furniture and Sarvabhishta W Waste Management Pvt Ltd are the six companies that submitted firm resolution plans for Future Retail, one of the persons cited above said.
Sebi fines Future Corporate Resources, Kishore Biyani, 13 others for open offer lapses
Sebi found that Future Corporate Resources Pvt Ltd (FCRL) along with 14 entities failed to make a public announcement of an open offer following the increase in the shareholding of FCRL in Praxis.
Future Retail requests NCLT for gaining access to the inaccessible stores and warehouses
The company's resolution professional also requested the bankruptcy court to exclude 90 days from the company’s corporate insolvency resolution process (CIRP) period.
Future Retail executive chairman Kishore Biyani withdraws resignation letter
The company, currently under insolvency proceedings, said "the resolution professional objected to the contents of (Biyani's resignation) letter" and requested him to recall the letter.
Future Retail fails to get any revival plan, lenders to meet soon
The last date for the submission of resolution plans for the company was February 20, but the resolution professional did not receive any proposals, FRL said in a stock exchange filing on Tuesday.
Kishore Biyani steps down as Future Retail chairman
"The resignation letter of Mr. Kishore Biyani shall be placed before the Committee of Creditors, as per the Insolvency and Bankruptcy Code, 2016 read with rules and regulations framed thereunder. Nothing herein should be construed as an acceptance of the contents of the resignation letter tendered by Mr Kishore Biyani, including in respect of his submissions in the resignation letter on information handover," stated a press release.
Future Enterprises defaults on Rs 9.16 crore interest payment for NCDs
"The company is unable to service its obligations in respect of the interest on Non-Convertible Debentures due on October 11, 2022," a regulatory filing. said.
HC appoints court receiver for future associate company's Mall
The Bombay High Court has appointed a receiver for an Ahmedabad mall owned by an associate company of Kishore Biyani's Future Corporate Resources following applications by IDBI Trusteeship Services and Edelweiss Special Opportunities Fund. The applications were filed with regards to recovery of dues worth ₹401 crore.
Apollo wades into an Indian territory where Amazon fears to tread
India’s six-year-old insolvency law is far from perfect. Still, when court-appointed administrators take charge at errant debtors, they offer protection from arbitrary action by corporate boards. Amazon was outmaneuvered when directors of Future Retail complained to the competition authority, effectively questioning the legality of their own action in backing the e-commerce firm’s 2019 investment.
Future Lifestyle seeks members' nod for sales of assets to pare debt
It has sought authorisation for its board to "sale, lease, rent, transfer or otherwise alienate / dispose of fixed assets (in-store retail infra assets) which are lying at non-operational stores of the Company" or in any other manner as the Board may deem fit.
Central Bank files a personal insolvency case against Biyanis
The bank has filed a personal insolvency case against promoter Kishore Biyani, his elder brother Vijay Biyani and cousin Sunil Biyani with total claims of ₹1,047 crore. All three had given personal guarantees for loans applied by subsidiaries Iskrupa Mall Management, Syntex Trading and Agency and Unique Malls, as per documents seen by ET.
NCLT admits Bank of India's insolvency plea against Future Retail
The Mumbai bench of the NCLT has allowed the initiation of insolvency proceedings against Kishore Biyani Group company Future Retail Ltd. In April this year, the Bank of India moved the tribunal seeking to initiate insolvency resolution proceedings against FRL, which has defaulted on loan repayments.
Future Enterprises offers one-time settlement via sale of assets
Future Group, of which FEL is a part, failed to clinch a Rs 24,713-crore deal with Reliance Industries to sell its retail assets. FEL manufactures, designs, procures and distributes fashion apparel for group companies.
Future Enterprises defaults on Rs 6.07 crore interest payment for NCDs
Earlier this month, FEL had defaulted on payment of interest of Rs 1.41 crore for its non-convertible debentures of Rs 29 crore.
Future Enterprises defaults on Rs 1.41 crore interest payment for NCDs
"The Company is unable to service its obligations in respect of the interest on Non-Convertible Debentures...," it added.
Future Enterprises defaults on Rs 1.06 cr interest payment for NCDs
The Kishore Biyani-led Future group firm has defaulted on several payments in last three months. The latest default is on the interest of securities issued for a sum of Rs 23 crore. FEL has defaulted on interest payment for the period between November 11, 2021 to May 16, 2022, it said.
Future Retail's Chief Financial Officer C P Toshniwal resigns
Toshniwal's resignation is the recent addition to the string of resignations that started after the Rs 24,713-crore deal was called off last month by the billionaire Mukesh Ambani-led Reliance Industries after creditors voted against it.
Amazon urges RBI to conduct audit of Future Retail
Amazon, which has been fighting a bitter legal battle with FRL to block the Reliance-Future deal, alleged that a collusion between FRL's lenders, Reliance and FRL's promoters was designed to overcome injunctions against such a deal and erode the value of FRL.
Future Lifestyle plans debt restructure pitch
FLFL, promoted by Kishore Biyani's Future Group, was part of the asset-sale deal with Reliance Industries Ltd-owned companies that's been called off. The company has to arrange ₹163 crore by April 30 to prevent a possible default.
Amazon to continue arbitration against Future Group in Singapore
The Singapore International Arbitration Centre (SIAC) is expected to resume hearing the Amazon-Future Group dispute in the first or second week of May.
Biyani starts process to revive Future Lifestyle Fashions
Future Lifestyle Fashions, which has not defaulted on loan repayments, plans to sell off a few fashion brands in its portfolio to raise Rs 1,000 crore, two company officials privy to the development told ET.
After most FRL lenders vote against RIL deal, Reliance Industries, Future Group companies say deal's off
That seemingly brings the curtain down on an acquisition plan that was announced in 2020 and then became the cause of a legal battle between Amazon and Kishore Biyani-founded Future that was fought all the way to the Supreme Court as well as an arbitration tribunal in Singapore.
Cannot implement $3.4 bln deal with Future Group, Reliance says
A day after Future Group’s proposed deal to sell its assets to Reliance Retail was rejected by a majority of lenders to flagship Future Retail Ltd (FRL), Reliance Industries in a stock exchange intimation has said that as such, the subject scheme of arrangement cannot be implemented.
Future’s lenders reject $3.4 bn sale deal with Reliance Retail
The creditors voted on Thursday in a National Company Law Tribunal (NCLT) mandated process to seek shareholders’ and creditors’ approval for a deal that has been lingering for 20-months amid opposition from Amazon. The struck down of the Reliance transaction by the creditors has now make it imminent for Future Group to go into bankruptcy, experts said.
Future proposes to transfer 45% of its debt to Reliance
Against outstanding loans of ₹28,921 crore owed by the 19 companies involved in the deal as of January 31, 2022. Future Group has proposed to transfer ₹12,612 crore owed to lenders, and domestic and offshore bondholders to RIL.
Future Enterprises defaults on Rs 29.33 cr interest payment for NCDs, third default of this month
On April 12, FEL had informed the exchanges about default on payment of Rs 9.10 crore interest on NCDs and Rs 1.22 crore on April 15. The latest default is on the interest of securities issued for a sum of Rs 300 crore.
FRL rejects Amazon's opposition over shareholders' meeting on sale of assets; says in compliance with NCLT order
Earlier this week, e-commerce major Amazon, which is contesting the Rs 24,713 crore deal, had said the meetings were "illegal".
Future Retail zooms 5% as Kishore Biyani re-appointed as executive chairman
Future Retail’s counter jumped to a high of Rs 32.75 as against Rs 31.20 at previous close on the National Stock Exchange.
Future Retail CEO resigns amid legal battle, debt recovery
The departure comes as the retailer is mired in a long-drawn legal battle with U.S. e-commerce giant Amazon over a $3.4 billion sale of its retail assets to rival Reliance Industries.
Bankers decide to refer Future Retail to NCLT
The move comes within a week of CSB Bank, owned by billionaire Prem Watsa's Fairfax Group, approaching the Debt Recovery Tribunal (DRT) to seek payment of more than ₹2.5 crore in unsecured debt from FRL and Future Enterprises.
Future group shares under pressure; Future Retail tanks 7.88%
Listed companies of the Kishore Biyani-led Future group on Saturday informed the exchanges about the meetings of their respective shareholders and creditors on April 20 and 21 to get their approval for the Rs 24,713-crore deal with Reliance Retail.
Amazon says Future share transfer to RIL done in 'clandestine manner', calls it fraud on courts
In the notice Amazon warned any such takeover of FRL’s assets would be in violation of the October 2020 emergency order by the Singapore International Arbitration Centre (SIAC) that had stayed the proposed Rs 25,000 deal to sell Future Group's assets to Reliance Retail.
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.
High Court refuses to admit Amazon plea
Reliance, which had sub-leased the properties to the Future Group, took over the premises late last month citing non-payment of rent. Amazon, which had challenged the Future Group's ₹25,000 crore proposal to sell its retail assets to Reliance Retail, was also seeking to block Reliance from taking control of the store sites.
Inside Amazon's battle with Reliance for India retail supremacy
Amazon argues various agreements signed in 2019 with Future gave it special rights over Future's retail assets, some of which it had also hoped to ultimately own should India's rules for foreign investors be eased. The potential Future-Reliance deal "destroys" the latter prospect, the U.S. company has said.
Future appeals against ruling on stake sale in insurance arm
The court will hear the matter on Monday. The city civil court in Mumbai has passed an ex-parte interim order in a plea filed by IDBI Trusteeship Services on behalf of its bondholders. Senior Advocates Ravi Kadam and Vikram Nankani are appearing for Future Enterprises along with law firm Naik, Naik & Co.
Amazon plans to file criminal case against Future over store transfers
For more than a year, Amazon and Future Group have been in a legal stand-off that has stalled Future's $3.4 billion sale of assets to Reliance Industries.
Reliance keen on buying Future Retail assets at agreed price
Over the weekend, RIL shut hundreds of Future stores and removed their signages in a bid to rebrand them as Reliance Retail outlets in the next few days. This was done after Future Group defaulted on rent payments that were due for these locations to Reliance Retail.
Debenture holders drag Biyani Holding company to NCLT
They have sought initiation of insolvency proceedings against Future Corporate Resources through an application made by their debenture trustee, Catalyst Trusteeship at NCLT.
Future Retail's lenders classify co as NPA; ask firm to submit 'viable' resolution plan
"There is no deference (in classification of Future Retail as NPA) or so. All of us (banks) have recognised the account as an NPA as on date," said a banker. Most of the lenders to the company have also made adequate provisions for it.
Future Retail's lenders set to take control of firm's cash flows
While lenders are unanimous on this step, differences have emerged among them on a proposed debt restructuring with some private and foreign lenders unwilling to commit to any new loan recast proposal.
SC denies nod to Amazon to file written note in case filed by Future Retail
The bench rejected the submissions saying that the argument seemed to be that the oral submissions have to be given in writing as well.
Lenders plan open bidding for Future Retail if RIL, Amazon's revival plan fails
Some of the lenders have classified Future Retail's account as a bad loan as the regulation mandates even as the recovery of Rs 17,000-crore loans is stuck in legal disputes.
Lenders to Future Retail call for its assets to be put up for auction
Future last month challenged its lenders in the top court to avoid facing insolvency proceedings or classifying the company as a defaulter, after it missed making certain payments on its loans.
DHL drags Future Supply Chain Solutions to NCLT over dues of Rs 7.26 crore
DHL E-Commerce (India) Private Limited’sadvocates in their submissions to the NCLT have claimed that the unpaid dues are towards logistics services offered by their clients to Future Supply Chain Solutions for movement of goods from the latter’s various warehouses and storage facilities to other pan-India locations.
Future Retail downgraded by S&P to 'SD' after default
Future Retail, which has about 1,388 stores across more than 400 cities, is embroiled in a legal dispute with Amazon that has stalled billionaire Mukesh Ambani's Reliance group from acquiring the retail and wholesale as well as the logistics and warehousing business of Future Group.
Amazon says Future Retail directors acting at behest of promoters
The attempt made by the independent directors of Future Retail to question Samara Capital’s term sheet shows statements are being made at the behest of Future’s promoters’ and to protect their “mala fide action”, Amazon says in a new letter.
With only 3 days left to clear debt, Future Retail asks SC for more time to avoid an NPA tag
The retailer said it could not raise funds to service the debt because a myriad of litigations by Amazon prevented it from selling its smaller format stores despite FRL not being a signatory to Amazon's investment agreements that have caused the litigations.
Future Group files SC petition to extend payment deadline
In its plea FRL said it lost time and was unable to service the debt as its Rs 25,000 deal with Reliance Retail is locked in court cases due to opposition from Amazon. Future faces the risk of its loan being classified as non-performing assets (NPAs) by the lenders if the retailer fails to pay up Rs 3,500 crore by January 29.
Future challenges its lenders in SC to stop being declared a defaulter
Future, the country's second-largest retailer, has since 2020 failed to complete its $3.4 billion retail asset sale to a rival due to successful legal challenges by Amazon, which argues the Indian group violated certain non-compete contractual terms the two sides had. Future denies any wrongdoing.
Future Retail may miss $14 million coupon payment on bonds
The Kishore Biyani-promoted company, which had raised $500 million in an overseas bond issue offering 5.6% returns in January 2020, has one-month grace period till February 22 to make the semi-annual coupon payment.
Amazon offers financial assistance to Future Retail, warns against selling stores
Amazon has offered financial assistance to cash-strapped Future Retail, with which the US-based ecommerce major is embroiled in a legal battle to block a planned Rs 25,000-crore Reliance-Future deal.
Lenders look to sell Future Retail's small stores to recover over Rs 3,000-crore dues
Banks led by the State Bank of India may soon invite expressions of interest for the small format chains - Easyday in Northern India and Heritage Fresh in Southern India, they said.
The reason why Kishore Biyani can't take a cheque from Amazon for Future
The operator of the Big Bazaar and Easyday retail chains pleaded the top court to let it proceed with the Reliance deal. Its counsel, senior advocate Harish Salve, said if the deal did not go through, close to 30,000 jobs would be lost.
Amazon-Future dispute: HC stays SIAC proceedings
CCI suspended its earlier approval of Amazon's investment in Future Coupons Pvt Ltd (FCPL) in an order last month.
Delhi High Court halts Amazon, Future arbitration in blow to US giant
Delhi High Court has halted arbitration proceedings between Future Group and Amazon in light of the Competition Commission of India's suspension of a 2019 deal between the two sides.
Delhi HC dismisses Future Group's plea for termination of Amazon arbitration
The ruling came after Future urged a New Delhi judge that given India's antitrust agency had suspended a 2019 deal used by Amazon to assert rights over Future, there was no legal basis for the arbitration between the two sides to continue.
Amazon Vs Future Retail: Kishore Biyani-led company asks court to declare Singapore arbitration illegal
Future Retail misses Rs 3494.5 cr payment to lenders, blames Amazon dispute for delay
"Due to ongoing litigations with Amazon.com NV Investment Holdings LLC, the company was not able to complete the planned monetisation of the specified business as contemplated in OTR plan to discharge the aforesaid obligations to lenders, on due date," the exchange notification said.
ED summons Amazon India V-P in forex case
The agency is looking into alleged violation of the Foreign Exchange Management Act (FEMA) when Amazon invested ₹1,431 crore to purchase 49% in Kishore Biyani-led Future Coupons Pvt Ltd (FCPL) in 2019 and if it complied with all the applicable regulations.
Future Retail, group stocks rally up to 20% on latest twist in Amazon deal
Future Retail’s scrip jumped to a high of Rs 57.50 as against the previous close of Rs 47.95 on the National Stock Exchange. The development boosted the shares of other Future Group companies across the board, with Future Consumer, Future Supply and Future Enterprise all adding around 20 per cent.
Future case: Amazon India head seeks more time from ED
Future Group founder and chief executive officer Kishore Biyani had appeared before the ED on Monday. He has been asked to appear again on December 13 with some additional documents.
Kishore Biyani appears before ED in probe into forex violation
It is learnt that while questioning Biyani, officials carried out cross-verification of a slew of documents including the emails and correspondence between Future and Amazon before and after they entered into a commercial pact two years ago.
Amazon asks Competition Commission to revoke Reliance-Future deal approval
The battle between two of the world's richest men, Amazon founder Jeff Bezos and Reliance Industries Ltd boss Mukesh Ambani, marks a contest for preeminence in India’s booming, nearly trillion-dollar retail market.
ED summons Amazon India, Future Group officials
The federal agency is examining whether Amazon was in breach of the Foreign Exchange Management Act (FEMA) when it invested Rs 1,431 crore to purchase a 49% stake in FCPL in 2019 and if it complied with regulations. FCPL owns about 10% of Future Retail Ltd (FRL), the flagship entity that runs the Big Bazaar, Food Bazaar and Easyday chains.
Future Retail employees urge Supreme Court to clear asset sale in Amazon dispute
If the deal fails, Future "will be pushed into liquidation, resulting in its 27,000 employees losing their livelihoods. The families of employees will be on the streets," the FRL Employee Welfare Association said in a filing, seen by Reuters.
Amazon asked Future Group to withdraw FEMA violation complaint before CCI: Sources
Amazon had asked the Future Group to withdraw the complaint filed by Future Retail before the fair trade regulator CCI citing allegations of FEMA violations by the e-commerce major, according to sources.
Delhi HC gives CCI two weeks for ruling on Future Retail-Amazon feud
On Tuesday, a division bench of the Delhi court was hearing a public interest litigation (PIL) filed by the Confederation of All India Traders Association (CAIT) as the trade body has alleged the CCI of “sitting on” the FCPL’s March application for 235 days “without taking any decision.”
CCI to hear Amazon, Future Coupons on Jan 4 over allegation that Amazon had hid facts while seeking approval
Amazon’s representatives gave their oral submissions and on 5th June the Seattle-based company also filed its written submissions, according to the 15th November CCI’s notice to FCPL that was reviewed by ET.
Will expose Amazon's contradiction and misrepresentation before CCI, says FRL independent director
Asked why the independent directors are raising the issue almost three years after the Amazon-Future Coupons deal, Dhariwal said it is only now that the intent of Amazon has come into public light after the submission made by the e-commerce major before the arbitration proceedings in Singapore at the SIAC.
A promoter entity asked by ED for providing documents for probe, says Future Retail
“As regards the Enforcement Directorate, FRL is not in receipt of any directions to provide information and documents in connection with the Enforcement Directorate's investigations,” a regulatory filing by FRL, said.
'If Amazon wins legal battle, Future Group can survive at a reduced scale’
Kishore Biyani's Future Group can survive on its own albeit at a reduced scale with the help of banks and lenders if it loses its legal battle to Amazon, an independent director on the board of Future Retail (FRL) has said. Future Retail Limited is locked in a legal battle with US retailer Amazon over its Rs 24,713 crore asset sale to Mukesh Ambani’s Reliance Retail.
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