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| Exchange Disseminated Time 02/05/2016 14:24:28 | With reference to the letter dated March 04, 2016 about approval of the Composite Scheme of Arrangement between Future Retail Limited ('the Company') and Bharti Retail Limited ('BRL') and their respective shareholders and creditors, by the Hon'ble High Court of Judicature at Bombay. Future Retail Ltd has now informed BSE that the Composite Scheme has been made effective by filing the certified copy of the Order of the Hon'ble High Court of Judicature at Bombay on May 01, 2016 with Registrar of Companies, Maharashtra at Mumbai.
Pursuant to the Composite Scheme becoming effective, 'the Retail Business Undertaking' of the Company as defined in the Composite Scheme, stands demerged and vested in BRL and 'the Retail Infrastructure Undertaking' as defined in the Composite Scheme, stands demerged from BRL and vested in the Company w.e.f. October 31, 2015 (i.e. the Appointed Date as per the Composite Scheme) as a going concern, in the manner more particularly provided in the Composite Scheme.
- Change in Key Managerial Personnel
Pursuant to the demerger of the Retail Business Undertaking, following changes have been effected in the Key Managerial Personnel.
a. Mr. Kishore Biyani, resigned from the post of Managing Director with effect from closing business hours of May 01, 2016. He will however continue to hold office as Non-Executive Director of the Company; and
b. Mr. Rakesh Biyani, resigned from the post of Joint Managing Director as well as Director of the Company with effect from closing business hours of May 01, 2016. |
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