IN RE Vs. FUTURE RETAIL LIMITED

JUDGEMENT

(1.) The sanction of this Tribunal is sought under Sections 230 to 232 of the Companies Act, 2013, to a Composite Scheme of Arrangement between M/s. Future Retail Limited (First Demerged Company or FRL) and M/s. Bluerock eServices Private Limited (Second Demerged Company or BSPL) and Praxis Home Retail Limited, (Resulting Company or PHRL) .

(2.) The Petitioner Companies have approved the said Composite Scheme of Arrangement by passing the Board Resolutions and thereafter they have approached the Tribunal for sanction of the Scheme.

(3.) The First Demerged Company currently operates multiple retail formats in the Indian consumer market under different brand names including: Big Bazaar; FBB; Food Bazaar; Foodhall; Home Town; easyday; eZone etc. The Second Demerged Company is engaged in the business of operating a web portal for online sale of furniture & furnishing products and providing services for operation & maintenance of IT enabled platforms and the Resulting Company is proposed to be engaged in Home Retail Business through retail outlets and online portal upon the Scheme becoming effective.