24 April 2022, Mumbai:
Future scraps deal after 'no' by Future Retail's lenders.
Future could face bankruptcy issue after RIL deal failure.
READ MORE Reliance Retail takes over Future Group stores
As per the results, shareholders and unsecured creditors of FRL have voted in favour of the scheme but the secured creditors of FRL have voted against the scheme (deal).
In view thereof, the subject scheme of arrangement cannot be implemented- RIL in a regulatory filing.
Reliance Industries (RIL) said on Saturday it has called off the proposed deal to acquire Future Retail's (FRL) assets for Rs 24,700 crore, as a majority of secured lenders to the Big Bazaar parent have voted against such a takeover.
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RELEVANT NEWS Reliance Retail takes over Future Group stores
FRL had cited its litigation with Amazon as one of the major reasons for its failing to pay its dues.
After the proposed Future Reliance deal was announced nearly two years ago, Amazon had dragged FRL to a Singapore-based emergency arbitrator over an alleged breach of contract.
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CREDITS: TOI Dt 24-04-2022 (The news article has not been edited by DFU Publications staff ).
