NEW DELHI: Almost 21 months after signing an agreement for a Rs 24,713-crore deal with Kishore Biyani-led Future Group to acquire its retail, wholesale, logistics and warehousing assets, Reliance Industries Ltd on Saturday said the transaction cannot go ahead as secured creditors of the latter have voted against it.
In a regulatory filing, Reliance said Future Group companies comprising Future Retail Limited (FRL) and other listed companies involved in the scheme have intimated the results of the voting on the scheme of arrangement by their shareholders and creditors at their respective meetings.
“... The secured creditors of FRL have voted against the scheme. In view thereof, the subject scheme of arrangement cannot be implemented,” said RIL, while updating on the scheme of arrangement for the transfer of retail and wholesale business and the logistics and warehousing business of Future Group to its subsidiary Reliance Retail Ventures Ltd (RRVL) and Reliance Retail and Fashion Lifestyle Ltd (RRFLL).
The Future Group companies had called meetings of their shareholders, secured and unsecured creditors this week to get the approval of the scheme of amalgamation and sale of assets as per the deal announced with Reliance Retail.
However, secured creditors, which mainly include banks and financial institutions, of listed entities — Future Retail, Future Enterprises, Future Lifestyle Fashion Ltd, Future Market Networks and Future Consumer — could not get the mandatory 75 per cent approval.
Though, the shareholders of the listed entities had supported the deal with Reliance.
Bu hikaye Millennium Post Delhi dergisinin April 24, 2022 sayısından alınmıştır.
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Bu hikaye Millennium Post Delhi dergisinin April 24, 2022 sayısından alınmıştır.
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