The top court directed market regulator SEBI, National Companies Law Tribunal (NCLT) and Competition Commission of India (CCI), not to pass any order against the Future Group for four weeks.
SAT, however, has directed Future Group promoters to deposit a sum of Rs 11 crore as an interim measure. The case will now come up on April 12, 2021.
In August last year, Future group had entered into a deal with billionaire Mukesh Ambani's RIL to sell its retail, wholesale, logistics and warehousing units.
Biyani said if the transaction with the Reliance/MDA Group was not finalised, FRL would inevitably have faced insolvency and/or liquidation, in which event, the entire equity would have been wiped out, leaving you with nothing.
It is worth mentioning that the Future Group's financial and insurance business is not part of the deal with Reliance Industries.
For fiscal 2019-20, FEL net loss was at Rs 369.51 crore. It had registered a net profit of Rs 175.44 crore in 2018-19.
Ambani’s Reliance Industries, which is on a shopping spree for the past few weeks, is set to acquire Future Enterprises’ retail business.
The company further said that the “trading window for dealing in the securities of the Company was already closed w.e.f. 1st April, 2020 and shall remain closed till 48 hours.
The company had earlier missed its deadline for interest payment on July 22.
