Future Market Networks News

Future Market Networks Reports Q2 FY2026 Results with Exceptional Gains from Property Disposals

Future Market Networks Limited announced quarterly results for the period ended September 30, 2025, showing exceptional gains of INR 8,111.28 lakhs primarily from disposal of two properties taken over by lenders. The company faces ongoing legal proceedings including demand notices from Yes Bank/JC Flower for INR 18,448.96 lakhs and various disputes related to corporate guarantees and pledged assets.

Future Market Networks Seeks Shareholder Approval to Surrender Diamond Plaza Mall Lease Rights for ₹60 Crores

Future Market Networks Limited has initiated a postal ballot process to obtain shareholder approval for surrendering its leasehold rights to Diamond Plaza Mall in Kolkata. The company proposes to surrender the lease rights to original lessors M/s Super Diamond Enterprises for compensation of at least ₹60 crores. The mall is located at Calcutta Jessore Road, Kolkata, under a lease deed dated January 31, 2013. The e-voting period runs from October 19 to November 17, 2025, with the cut-off date set as October 10, 2025. The Board approved this proposal on October 15, 2025, following recommendations from the Audit Committee and a valuation report. The company plans to use proceeds primarily to repay secured loans from Axis Finance Limited, with remaining funds allocated for business operations and growth opportunities. The proposal requires special resolution approval as it involves disposal of substantially the whole undertaking under Section 180(1)(a) of the Companies Act, 2013.

Future Market Networks Approves Sale of Diamond Plaza Mall for INR 60 Crore

Future Market Networks Limited's board approved the surrender of leasehold rights for Diamond Plaza Mall in Kolkata to original lessors M/s Super Diamond Enterprises for a minimum consideration of INR 60 crore. The mall contributed ₹41.14 crore to company revenue, representing 45.19% of turnover during the last financial year. The transaction requires shareholder approval through special resolution under postal ballot process. The deal is expected to complete before March 31, 2026, and involves lessors who are not related to the promoter group. The disposal falls outside the company's scheme of arrangement and requires compliance with regulatory provisions.

Future Market Networks Limited's Arbitration Challenge Dismissed by Calcutta High Court

The Calcutta High Court dismissed Future Market Networks Limited's application challenging an arbitration award dated May 19, 2016. The company had contested the award on four grounds, including license fees for a 5-year lock-in period totaling Rs. 13,26,56,751, loss of interest on security deposit of Rs. 50,00,000, additional license fees of Rs. 3,95,50,500, electricity charges of Rs. 14,68,762, and water charges of Rs. 11,70,000. The court upheld the arbitrator's decision, ruling that the arbitrator correctly interpreted the contract terms and stayed within the scope of reference. The dispute arose from a licensing agreement between Future Market Networks and Laxmipat Surana, where the company terminated the agreement without providing the required 30-day notice as stipulated in the contract. Future Market Networks plans to file an appeal against this decision.