NCLT can now issue directions to convene meetings of shareholders: Future Retail

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New Delhi, Feb 22 | Future Retail said on Monday that the Supreme Court has specifically ruled that the proceedings before the NCLT will be allowed to go on but will not culminate in any final order of sanction of the scheme.

“Accordingly, the NCLT can now issue directions to convene meetings of shareholders and creditors of the applicant companies, including Future Retail Limited, to consider the scheme,” the company said in a regulatory filing.

The hearing was held on Monday before Justices Rohinton Fali Nariman and B.R. Gavai in the matter of the special leave petition filed by Amazon before the Supreme Court.

The apex court issued a notice and set a schedule for filing of pleadings in the special leave petition filed by Amazon.Com NV Investment Holdings LLC challenging the order dated February 9, 2021 passed by a division bench of Delhi High Court.

The division bench had stayed, till February 26, the order passed by the single judge of Delhi High Court, which, on February 2, had directed all parties including regulatory authorities to maintain status quo (i.e. to stop the proceedings in the Scheme of Arrangement pending before NCLT, Mumbai) till the pronouncement of reasoned order of the single judge.

“The Supreme Court has further specifically ruled that the proceedings before the NCLT will be allowed to go on but will not culminate in any final order of sanction of the scheme. Accordingly, the NCLT can now issue directions to convene the meetings of shareholders and creditors of the applicant companies including FRL to consider the scheme,” it said.

Source: IANS

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Global Strategist and Philanthropist Drummi Bhatt returns to her homeland to bring about a vernacular infotainment content revolution

Global Strategist and Philanthropist Drummi Bhatt returns to her homeland to bring about a vernacular infotainment content revolution

Drummi Bhatt has successfully donned many hats including that of a global strategy professional, mentor, and investor to early-stage startups encouraging women entrepreneurship, and a philanthropist.

Drummi currently leads Market Intelligence and Strategy team at Mitsubishi Power, USA building corporate-level strategies for global markets. Drummi is also the founder of KarmaKonnect, a Woman and Rural Empowerment Non-Profit Organisation which works for projects in remote rural, tribal, and conflict areas.

Her philanthropy work has taken her to various corners of India, including, far end corners of Leh, Ladakh, Telangana, and remote areas of Chambal. During these visits, she got mesmerized by culturally rich, vernacular, and diverse, the true “Bharat”.

During her interaction across the country, she got enchanted by the whirlwind of talent residing across Bharat, which is not restricted to a language, city, or just tier-1 cities but is found in abundance all across tier-2, tier-3 cities, and rural-tribal clusters.

With OTT platforms ruling the world in 2020, Drummi decided to bring her strategic insights and data analytics strength to this field by joining hands with seasoned entrepreneurs, Rahul Narvekar and Narendra Firodia, to launch its kind, vernacular OTT platform, Letsflix.

In 2019, Drummi, Rahul, and Narendra have successfully launched India’s first vernacular infotainment app, LetsUp, which now caters to 1.5 million users and in 7 vernacular languages, a feat achieved by none. The trio has now been passionately working towards creating and delivering vernacular content for every viewer in India with Letsflix.

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