Supreme Court Dismisses UBS Appeal Against Order Restraining Sale Of Future Retail Shares
The Supreme Court dismissed a special leave petition filed by UBS AG against a Bombay High Court order that restrained IDBI Trusteeship Services from selling shares of Future Retail Ltd. pledged against debentures issued by a group entity.
A two member bench of Justice Sanjay Kaul and Justice BR Gavai said that the Bombay High Court had granted a stay on the sale of shares and will hear the matter on May 4. Considering this, the interim order cannot be interfered with, the apex court said while dismissing the plea filed by UBS AG.
The issue stems from Future Group's inability to make payments against debentures issued by one of its units. Rural Fairprice Wholesale Ltd., part of the Kishore Biyani-led conglomerate, had issued debentures in 2018 and 2019 to raise money from UBS and other investors. Another group company, Future Corporate Resources Pvt. Ltd., offered shares of the listed Future Retail as a collateral against the debentures.
IDBI Trusteeship, the debenture trustee, issued a notice to Rural Fairprice and the Future Corporate Resources to sell the pledged Future Retail shares after the group defaulted on payments. The Future Group moved the Bombay High Court citing a plunge in share prices after the Covid-19 outbreak. Last month, the Bombay High Court restrained the debenture trustee from selling the shares and posted the matter for hearing on May 4.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
-
Indians Stay With Family, Not In Hotels | The Reason Why
India still lacks enough clean, reliable and affordable hotels for budget-conscious travellers.
-
The Economic Imperative: Analysing The Material Driving Force Behind India-Canada Strategic Reset
This economic complementarity is further reinforced by deep institutional investment ties and talent mobility, which form the bedrock of the bilateral framework.
-
Medicine Pricing: Where Must Profit Stop?
India must confront excessive margins, hidden incentives and regulatory gaps that threaten the integrity of medicine.
