Future Lifestyle Fashions is looking for the consent of its members for the sale of in-store retail infra-assets, which will be used for repayment of debt and other operational liabilities. The Future group firm is conducting an e-voting, which will commences on September 14, 2022, and ends on October 13, 2022.
The company has sought authorisation for its board to ‘sale, lease, rent, transfer or otherwise alienate / dispose of fixed assets (in-store retail infra assets) which are lying at non-operational stores of the Company’ or in any other manner as the board may deem fit. This would be in one or more tranches on the terms and conditions as may be negotiated. It shall be at least equal to book value at the relevant point of time.
Earlier on August 9, 2022, based on the recommendation of the Audit Committee, The company’s board approved sales of assets subject to requisite approvals of lenders, debenture holders and shareholders of the company.
Future Lifestyle Fashions is an integrated fashion company with presence across key segments within the fashion industry that is design to distribution.
