Future Enterprises (FEL), a part of the beleaguered Future Group, has been granted a three months’ extension by the Register of Companies (RoC) to hold its annual general meeting (AGM).
The company will have to hold its AGM on or before December 31, 2022. Accordingly, the AGM would be held within the extended timeline, FEL said in a late evening regulatory update on Wednesday.
Earlier on September 8, another group firm Future Lifestyle Fashions had received RoC approvals for a similar extension to hold AGM.
The Companies Act mandates a company should hold its AGM by within six months of the end of its financial year.
Earlier on September 13, FEL’s lenders had appointed an auditor to conduct forensic audits of the debt-ridden firm. This is the second Future group firm, the first being Future Retail (FRL), to face forensic audit.
In 2020, Future Group had entered into a deal with Reliance Retail, a subsidiary of Reliance Industries (RIL), to sell its retail, logistics and warehousing businesses for Rs 24,713 crore. It was later cancelled after Future group failed to secure shareholders’ and lenders’ approval.