Skip to main content

Long time senior execs of Future Group leaving co. amid uncertainty

 


In the midst of Reliance Retail taking over the Future Group, Kishore Biyani-led company is seeing some of its long-time senior executives abandoning ship.

In recent weeks, Vineet Jain, CEO for North, quit the group after 17 years with the company. His southern counterpart Venkateswar Kumar, has also put in his papers, three persons familiar with the development, said.

“Venkateshwar is currently serving his notice period,” said one of the persons.

Kumar is also a Future Group veteran of more than 15 years with the company.

Last month, Jain joined value retailer V-Mart Retail Ltd as the new chief operating officer. Aruni Mishra, business head for general merchandise at Big Bazaar, quit Future Group last month.

“People are exiting as how long can you stick around in this uncertainty?” asked another senior official of Future Group who is scheduled to leave the company early next year after more than a decade.

A Future Group spokesperson declined to comment on the exits.

In August, Reliance announced that it would acquire the nation’s second largest retail enterprise, Future Group, for Rs 24,713 crore in a deal that would give it control over more than a third of India’s $80 billion annual organised retailing business.

The departures of the senior executives are happening amid a case filed by Amazon in the Singapore International Arbitration Centre challenging the sell-off of Future Group's assets to Reliance. Amazon.com NV Investment Holdings LLC had accused Future Coupons – the promoter entity of Future Retail in which Amazon owns 49% stake – of breaching of a contract signed between the promoter company and the US giant.

Amazon argues that according to the shareholder agreement of 2019 - when Amazon invested Rs 1,400 crore in Future Coupons – gives the US e-commerce giant the first right of refusal of purchasing stake in the entity that owns 7.3% of Kishore Biyani’s listed flagship, Future Retail.

Sandip Ginodia , CEO

ALTIUS INVESTECH PVT LTD

We deal in over 60 unlisted companies with 15 years of experience 

For latest prices visit : www.abhisheksecurities.com/unlisted.htm / call : 09830271248 .

Email : ginodiasandip1@gmail.com

Comments

Popular posts from this blog

HDFC Life inks distribution tie-up with Catholic Syrian Bank

HDFC Life  has entered into a  bancassurance  (the selling of life assurance and other insurance products and services by banking institutions) tie-up with Catholic Syrian Bank to distribute its individual life insurance products to the private lender’s customers. HDFC Life will offer its leading range of individual life insurance, health and pension products to the Catholic Syrian Bank’s  1.5 million  customer base across all its branches over a period of time. Sandip Ginodia , Director   A LTIUS INVESTECH PVT LTD | ABHISHEK SECURITIES We deal in over 60 unlisted companies with 15 years of experience . For latest prices visit :  www.abhisheksecurities.com/unlisted.htm  / call : 09830271248 . Email :  ginodiasandip1@gmail.com

Stock broker SMC Global files for IPO

F inancial services company SMC Global Securities has filed draft red herring prospectus with SEBI for public issue of 1,58,67,380 equity shares of face value of Rs 2 each. The issue comprises a fresh issue of 79,33,690 equity shares by the company and an offer for sale of 79,33,690 shares by Millennium India Acquisition Company Inc. As of September 30, 2012, "We service our broking clients through a network of 43 branches and 2,521 registered sub-brokers and authorized persons spread in more than 500 cities and towns. We have also established an office in Dubai for brokerage and trading activities in that region," the company said. SMC has reported a loss of Rs 0.42 crore and total revenues of Rs 292.24 crore in the year ended March 31, 2012. "The proceeds of the fresh issue shall be utilised for margin maintenance with stock exchanges; part repayment of term loan; investments into subsidiary, SMC Comtrade; and general corporate purposes," according to p...

NBI Industrial Finance Limited

NBI Industrial Finance Limited , Strand Road, Kolkata-700001 NBI Industrial Finance Limited was originally incorporated in Lahore in 1935 as The New Bank of India Limited. Dr. Ganeshi Lal Aggarwal and Mr. Kohli were the original promoters. After 1947 the Registered office was shifted to New Delhi. To provide for the losses due to partition the face value of the share was reduced from Rs. 10 to Rs. 5 . Later, The New Bank of India Ltd. was nationalised. Most of the non promoter shareholders took cash compensation. The Registered Office of the Company was shifted from Connaught Place, New Delhi to Strand Road , Kolkata. The share's face value was consolidated to Rs. 10. Share Capital : Rs. 1 cr 12 lakh Reserves : Around Rs.11 cr  NBI Industrial Finance Company is , now , the investment holding Company of Bangurs ( Benu Gopal Bangur of Shree Cement group ). They were the promoters of New Bank of India at the time of nationalisation. As the Company has holding of Shree Cement Ltd. it...