To, | 05th October, 2021 |
Dept. of Corporate Services (CRD) | Listing Department |
BSE Limited | National Stock Exchange of India Limited |
Phiroze Jeejeebhoy Towers, | Bandra Kurla Complex, |
Dalal Street, | Bandra East, |
Mumbai - 400 001 | Mumbai - 400 051 |
Scrip Code: 540064 | Symbol: FRETAIL |
Scrip Code of Debt: 958809, 958810 & 959518 | |
Dear Sir / Madam, |
Ref. : Intimation under Regulation 30 and other applicable regulations of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations")
Sub. Execution of Mutual Termination Agreement for Master Franchise Agreement for 7-Eleven®stores
Pursuant to Regulation 30 and other applicable provisions of SEBI Listing Regulations, we would like to refer to Master Franchise Agreement dated 28th February, 2019 executed between Future7-India Convenience Limited, Company's wholly owned subsidiary ("Future-7") and 7-Eleven INC, and also executed by the Company and Future Corporate resources Private Limited ("FCRPL") as confirming party and Controlling Principal for developing and operating 7-Eleven® stores within India, is now terminated pursuant to execution of Mutual Termination Agreement ("the Agreement") executed among the Company, Future-7,7-Eleven, INC and FCRPL on 05th October, 2021.
Further, the details as required under SEBI Listing Regulations read with SEBI Circular No. CIR/CFD/CMD/4/2015 dated 09th September, 2015 with respect to agreement as executed is provided as "Annexure A" to this letter.
You are requested to kindly take the same on record and acknowledge.
Thanking you,
Yours faithfully,
For Future Retail Limited
Virendra Samani
Company Secretary
Encl. : as above.
CC:
Singapore Exchange Securities Trading Limited
2, Shenton Way, #02-02, SGX Centre 1.
Singapore - 068 804
Future Retail Limited (Formerly known as Bharti Retail Limited)
Registered Office: Knowledge House, Shyam Nagar, Off Jogeshwari Vikhroli Link Road, Jogeshwari (East), Mumbai 400 060 P +91 22 4055 2200, F +91 22 4055 2201, www.futureretail.co.in
CIN: L51909MH2007PLC268269
Annexure A
Details as required under SEBI Circular No. CIR/CFD/CMD/4/2015 dated 09th September, 2015 with respect to Agreement are as below:
Sl. No. | Particulars | Details |
1. | Name of parties to the Agreement | Alongwith the Company, the following are the parties to |
an Agreement: | ||
• 7-Eleven, INC; | ||
• Future7-India Convenience Limited; and | ||
• Future Corporate Resources Private Limited. | ||
2. | Nature of the Agreement | Mutual Termination Agreement for termination of the |
Master Franchise arrangement originally executed for | ||
developing and operating 7-Eleven® stores within India. | ||
3. | Date of execution of the Agreement | 05th October, 2021 |
4. | Details of amendment and impact thereof or | The termination has been with mutual consent as the |
reasons of termination and impact thereof. | Future-7 was not able to meet the target of opening | |
stores and payment of franchisee fees. | ||
No financial or business impact on the Company as this | ||
arrangement was at subsidiary company level. |
Future Retail Limited (Formerly known as Bharti Retail Limited)
Registered Office: Knowledge House, Shyam Nagar, Off Jogeshwari Vikhroli Link Road, Jogeshwari (East), Mumbai 400 060 P +91 22 4055 2200, F +91 22 4055 2201, www.futureretail.co.in
CIN: L51909MH2007PLC268269
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Future Retail Ltd. published this content on 05 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 October 2021 12:18:03 UTC.