What is the purpose of the special meeting to be convened by the Future group on 20th April 2022?

The beleaguered Future Group, belonging to the Kishor Biyani family, will convene a meeting of shareholders and creditors on 20th and 21st of April. The purpose of this meeting will be to get approval from shareholders and creditors for the Rs.24,713 crore merger deal with Reliance. However, at this point, It is not too clear what would be the sanctity of these meetings after Reliance taking over most of the stores.

Reliance has already taken over most of the stores of Future group towards non-payment of lease rentals. It may be recollected that most of the store were already being stocked by Reliance JioMart. In the last few months, Future Retail had not only defaulted on the inventory payments to Reliance JioMart but had also defaulted on lease payments. It remains to be seen, what is the status of funds owed to the banks, which is still unclear.