Mumbai: An Indian court has cleared the way for Future Enterprises‘ A stake sale in its general insurance joint venture with Italy’s Generali, an exchange filing showed on Monday.
Late last month, a Mumbai city court planned to sell its 25% stake in Future Generali India Insurance Company to Generali for $162.82 million, following a legal challenge from some bondholders of Future’s Future Companies.
According to a source, IDBI Trusteeship, a group representing the bondholders, said that they have the right not to reduce their Future Generali stake to Future Enterprises.
But following an appeal by Future Enterprises, the high court on Monday set aside the city court’s order, the company said in the filing.
Future, Generali and IDBI Trusteeship did not respond to requests for comment.
In addition to the Generali joint venture, Future Enterprises has Future GroupInvestment in textile manufacturing, supply chain and logistics.
The latest order has come as a relief to Future Group, which is in dire need of funds to pay off a mountain of debt. It is fighting a legal battle with Amazon.com Inc, which has objected to the sale of its retail assets to rival Reliance Industries.
Late last month, a Mumbai city court planned to sell its 25% stake in Future Generali India Insurance Company to Generali for $162.82 million, following a legal challenge from some bondholders of Future’s Future Companies.
According to a source, IDBI Trusteeship, a group representing the bondholders, said that they have the right not to reduce their Future Generali stake to Future Enterprises.
But following an appeal by Future Enterprises, the high court on Monday set aside the city court’s order, the company said in the filing.
Future, Generali and IDBI Trusteeship did not respond to requests for comment.
In addition to the Generali joint venture, Future Enterprises has Future GroupInvestment in textile manufacturing, supply chain and logistics.
The latest order has come as a relief to Future Group, which is in dire need of funds to pay off a mountain of debt. It is fighting a legal battle with Amazon.com Inc, which has objected to the sale of its retail assets to rival Reliance Industries.