India court blocks Future Enterprises from selling stake in Generali JV

Future Enterprises

28/02/2022 10:03

By Aditya Kalra and Abhirup Roy
    NEW DELHI, Feb 28 (Reuters) - An Indian court has blocked
Future Enterprises  FURE.NS  from selling its stake in its
general insurance joint venture business with Italy's Generali
 GASI.MI , following a legal challenge by a group representing
bondholders, two sources familiar with the matter told Reuters.
    Future Enterprises said in January that it had decided to
sell its 25% stake in Future Generali India Insurance Company to
Generali.
    IDBI Trusteeship went to court representing foreign
bondholders who subscribed to Future Enterprises companies that
had defaulted. The bondholders had rights mandating Future
Enterprises not to dilute its Future Generali stake, one of the
sources said.
    After hearing IDBI, a Mumbai city civil court ordered Future
Enterprises to hold off from selling the stake until the next
hearing on March 10.
    Future and IDBI Trusteeship did not immediately respond to a
request for comment. 

 (Reporting by Aditya Kalra in New Delhi; editing by John
Stonestreet)
 ((aditya.kalra@tr.com; +91-11-49548021; Twitter @adityakalra;))