Bombay High Court allows Future Enterprises to sell stake in Insurance JV

Future Enterprises has said in its regulatory filing that the Bombay High Court has allowed Future Enterprises to sell its stake in its insurance joint venture, Future Generali to Italian partner Generali. 

A local city in Mumbai has put on hold the plan of the cash-starved Future Enterprises to sell 25% of its stake in Future Generali India Insurance Company to Generali for about Rs 1,252 crore, following objections raised by some bold holders of Future companies.

Future Enterprises has appealed to the Bombay High Court, which overturned the city court's order on Monday, the company said.

The regulatory filing further states that the appeal along with the Interim Application was listed on Monday before the Bombay High Court. After hearing the Counsels for parties at length, the Bombay High Court was pleased to allow the Appeal and set aside the ex-parte order.