Several news reports mentioned that RIL investors are hopeful that the company would announce the transaction at the 43rd AGM to be held via video conferencing on Wednesday (July 15).
The daily cited another bank official as mentioning that the company is unlikely to be in a position to clear dues, even with massive restructuring. “A strong promoter with deep pockets would help the business flourish. It’s a good franchise, so lenders also want to avoid a bankruptcy situation,” he added.
It has been reported that Biyani—once the poster boy of the country’s India's retail sector—has been compelled to look out for a buyer amid reports of mounting debt. Furthermore, Future companies did not repay banks debts nearly four months ago and the market value of Biyani’s listed companies tumbled to a third.
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