Future Lifestyle Fashions chairperson Shailesh Haribhakti resigns

The chairperson and unbiased director of Future Lifestyle Fashions Ltd, Shailesh Haribhakti, has resigned observing that “risky, advanced and unpredictable authorized and monetary circumstances have taken surprising turns, and the board’s advice to seek out options haven’t been met with implementation impetus, in response to a regulatory submitting by the corporate.

Haribhakti had chaired conferences of shareholders and collectors of Future Group entities that had been known as to vote on the Rs 24,713 crore cope with Reliance Retail, after he was given the cost by the National Company Law Tribunal (NCLT).

In a regulatory submitting, Future Lifestyle Fashions Ltd (FLFL) stated, “Shailesh Haribhakti has resigned from the position of the Chairperson and Independent Director of the company with effect from April 22 , 2022 vide his resignation letter dated 22 April 2022 submitted to the Company.”

In the resignation letter, which has been shared by FLFL to the bourses, Haribhakti stated the “volatile, complex and unpredictable legal and financial circumstances” of the corporate have taken surprising turns.

“Many different suggestions made by the board and all efforts of the Board to discover a answer haven’t met with the implementation impetus.

“Consequently, as Chairperson of the Board, I feel constrained to act further and submit my resignation as a member of the Board with immediate effect to enable the Promoters and Investors to find out suitable alternatives, who would be able to find a solution for the Company,” he stated.

Haribhakti claimed he ensured that each one obligations entrusted to him together with “very recent one of chairing NCLT convened meetings of the Company and other group companies” are discharged diligently.

“Further, I would be happy to provide any further advise and support to the Company and management, as they may need,” he stated.

Like different listed corporations of the Future group, the secured collectors of FLFL earlier this week voted towards the Rs 24,713 crore cope with the retail arm of the billionaire Mukesh Ambani-led Reliance Industries.

FLFL’s 82.75 per cent secured collectors, which primarily embrace banks and monetary establishments, voted towards the deal whereas 17.25 per cent supported it. The firm in a regulatory submitting on Friday stated 81.91 per cent of shareholders supported the deal and 18.09 per cent opposed it.

FLFL was among the many 19 corporations that had been to be transferred to Reliance beneath the deal introduced in August 2020. These 19 corporations had been proposed to be consolidated into one entity — Future Enterprises Ltd (FEL)– after which transferred to RRVL beneath the proposed deal.

On Saturday, virtually 21 months after signing an settlement with Future Group to amass its retail, wholesale, logistics and warehousing property, Reliance Industries Ltd stated the transaction can not go forward as secured collectors of the latter have voted towards it.