Vistra ITCL, an independent corporate trustee, has invoked shares amounting to 6.61 per cent stake in Future Retail Ltd (FRL), according to a regulatory filing by the company.
As many as 3,58,15,889 equity shares of Future Retail pledged with Vistra have been invoked on September 10 and November 24 in capacity as a debenture trustee in order to secure the debentures issued by Future Capital Investment Pvt Ltd and Future Corporate Resources Ltd, Vistra ITCL said in a letter to BSE.
A total of 6,52,32,692 shares of FRL aggregating to 12.03 per cent stake were pledged with Vistra, it added. The invocation of shares comes at a time FRL is locked in a legal battle with e-commerce giant Amazon, which received a favourable interim order from the Singapore International Arbitration Centre (SIAC) last month against the Kishore Biyani-led firm’s Rs 24,713 crore deal with Reliance Retail. The arbitrator had barred FRL from taking any step to dispose of or encumber its assets or issuing any securities to secure any funding from a restricted party.
Future Retail Ltd on Thursday accused Amazon of adopting a media strategy of “having every development reported and converted into a line of communication with stock exchanges” regarding the Amazon-Future Coupons' arbitration proceedings in Singapore.
