The Exchange has sought clarification from Future Retail Limited with respect to the several intimations submitted by the Company in relation to the updates filed in the ongoing matter of the Scheme of Arrangement. Relevant extracts from the intimations referred above are set out below:(i) The Company has been finding it difficult to finance the working capital needs. Increasing losses at store level is a grave concern and is a vicious cycle where larger operations are leading to higher losses. The Company has made a loss of Rs. 4,445 crore in the last four quarters. Termination notices have been received for significant number of stores due to huge outstanding, and we would no longer have access to such store premises. (ii) The Company has received certain termination notice(s) in respect of sub-leased properties from Reliance entities as intimated in the above referred communication.(iii) Since the last week of February 2022, Reliance Group has unilaterally terminated the leases and forcefully taken over control of hundreds of Future Retail¬タルs storesIn view of the above, the company is requested to provide the detailed chorological of events on the above subject matter till date. Company is also requested to comment on the actions initiated to secure the assets of the Company. The response of the company is awaited.
The Exchange has sought clarification from Future Retail Limited with respect to the several intimations submitted by the Company in relation to the updates filed in the ongoing matter of the Scheme of Arrangement. Relevant extracts from the intimations referred above are set out below:(i) The Company has been finding it difficult to finance the working capital needs. Increasing losses at store level is a grave concern and is a vicious cycle where larger operations are leading to higher losses. The Company has made a loss of Rs. 4,445 crore in the last four quarters. Termination notices have been received for significant number of stores due to huge outstanding, and we would no longer have access to such store premises. (ii) The Company has received certain termination notice(s) in respect of sub-leased properties from Reliance entities as intimated in the above referred communication.(iii) Since the last week of February 2022, Reliance Group has unilaterally terminated the leases and forcefully taken over control of hundreds of Future Retail¬タルs storesIn view of the above, the company is requested to provide the detailed chorological of events on the above subject matter till date. Company is also requested to comment on the actions initiated to secure the assets of the Company. The response of the company is awaited.
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