New Delhi, Mar 21 (PTI) Shares of Future group of companies were under pressure on Monday with Future Lifestyle Fashions and Future Retail tanking the most in tandem with a weak broader market.

Future Lifestyle Fashions Ltd tumbled 9.08 per cent while Future Retail Ltd tanked 7.88 per cent.

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Similarly, Future Consumer Ltd declined 3.48 per cent, Future Supply Chain Solutions dipped 2.37 per cent and Future Enterprises Ltd went lower by 0.13 per cent on the BSE.

Listed companies of the Kishore Biyani-led Future group on Saturday informed the exchanges about the meetings of their respective shareholders and creditors on April 20 and 21 to get their approval for the Rs 24,713-crore deal with Reliance Retail.

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The meetings will be held virtually through video conferencing and other audio-visual means, the addendum notice added.

The 30-share Sensex plunged 571.44 points or 0.99 per cent to settle at 57,292.49.

Entities, including Future Enterprises Ltd, Future Retail Ltd, Future Consumer Ltd and Future Supply Chain, informed exchanges about dates and other procedures for the virtual meetings of shareholders and creditors.

According to the order passed by the Mumbai bench of the National Company Law Tribunal (NCLT) on February 28, the meeting of the shareholders would be held on April 20 and the meeting to seek the approval of creditors would be held on the next day, April 21, 2022.

The NCLT had given a go-ahead for convening the meetings of shareholders and creditors of respective Future group companies for the approval of scheme of merger and transfer of the business to Reliance Retail.

As part of the deal, Future Enterprises Limited is the transferee company to Reliance Retail.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)