Secured creditors of Future Retail Ltd have voted against the arrangement plan put in place by Reliance
Secured creditors of Future Retail Ltd have voted against the arrangement plan put in place by Reliance
Reliance Industries Limited (RIL) has canceled the proposed transaction with Future Retail Limited (FRL): FRL’s secured creditors protest,
In a filing with the stock exchanges, RIL said, “Future Group companies of Future Retail Limited (FRL) and other listed companies included in the scheme have reported the results of the voting on the plan arranged by their shareholders and creditors at the respective meetings.” .
“As per these results, the shareholders and unsecured creditors of FRL have voted in favor of the scheme. But FRL’s secured creditors have voted against the plan.
“In view of this, the subject plan of the arrangement cannot be implemented,” it added.
On August 29, 2020, Reliance informed the stock exchanges about a plan to transfer the retail and wholesale business and logistics and warehousing business of Future Group to Reliance Retail Ventures Limited (RRVL), its subsidiary and Reliance Retail. did. and Fashion Lifestyle Limited (RRFLL), a wholly owned subsidiary of RRVL for ₹24,731 crore.
Amazon Inc., which had previously invested in Future Coupons, had strongly opposed the deal and challenged it in the Supreme Court of India. it had also secured a Injunction from the Singapore Arbitration Tribunal,