Reliance calls off Rs 24,713-cr deal with Future Group after secured creditors give a thumbs down
PTI, Apr 23, 2022, 4:41 PM IST
Reliance Industries on Saturday said its Rs 24,713-crore deal with the Future Group 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).
In August 2020, Future Group announced the Rs 24,713-crore deal to sell 19 companies operating in retail, wholesale, logistics and warehousing segments to Reliance Retail Ventures Ltd (RRVL).
RRVL is the holding company of all the retail companies under the RIL Group.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
CBDT allows tax officials to waive or reduce interest due from assessee
Markets fall in early trade amid unabated foreign fund outflows
New software for fast-tracking project approvals: Karnataka Minister Patil
In-flight passengers can access WiFi services only when allowed, say new rules
SEBI mulls separation of non-regulated activities; ‘cross-default’ definition for debenture trustees
MUST WATCH
Latest Additions
Weight loss could help one manage PCOS symptoms, study suggests
Clash between 2 groups leads to stone pelting at temple in Delhi’s Jahangirpuri
CBI forms SIT to probe into Tirupati laddu adulteration allegations
Bengaluru airport collaborates with Echoes of Earth festival for 5th consecutive year
Ex-PM Gowda jumps into campaign fray, seeks support for grandson in Channapatna bypoll
Thanks for visiting Udayavani
You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.