On 29th August 2020, the Future Group announced the stock exchanges that they had approved a scheme of amalgamation and subsequent sale of key assets to the Reliance group. This deal, in its current structure, is detrimental to the minority shareholders of Future Group and is designed to benefit only the promoters (Biyani family) & the future owners of the assets (Reliance group companies) that are being sold in a slump-sale arrangement. 

Future Group was under immense financial pressure in the last few years given the high debt that it had on its balance sheet, The ongoing COVID situation only worsened any chances of revival for the group. The proposal to acquire Future Group by Reliance Group was under discussion for a long time and the final structure of the deal was announced on the 29th of August 2020. 

This petition is intended to muster the support of all affected minority shareholders who feel oppressed by the scheme finalised by the board of directors of Future Group since it only stands to benefit the promoters and the Reliance group (buyers). 

Instead of selling the Future Group assets in a slump sale, the promoters should have let Reliance acquire Future group companies as a going concern and thereby allot shares in Reliance entities to the shareholders of Future group companies. 

By agreeing to sell only the assets, the board of directors have not discharged their fiduciary duty in earnest and hence this petition is aimed at challenging the scheme of amalgamation and order an inquiry by the Ministry of Corporate Affairs.