Page 9 - Future Consumer News Today

Reliance calls off Rs 24,713-cr deal with Future after secured creditors gives a thumbs down

Reliance on Saturday called off Rs 24,713-crore deal with Kishore Biyani-led Future Group to acquire its retail, wholesale, logistics and warehousing assets as secured creditors of the latter voted against it.

The 2020 deal has been the centre of a massive legal dispute between Amazon and Future

Future Retail Ltd (FRL) on Wednesday held a meeting of its shareholders to consider and approve the sale of the company's retail assets to billionaire Mukesh Ambani's Reliance Retail Ventures Ltd.

Future Retail Ltd (FRL) on Wednesday held a meeting of its shareholders to consider and approve the sale of the company's retail assets to billionaire Mukesh Ambani's Reliance Retail Ventures Ltd.

The meeting was chaired by Shailesh Haribhakti, FRL said in a regulatory filing. Haribhakti has been appointed by the NCLT to chair the meeting, , future retail, NCLT, reliance retail

Creditors are exploring the option to tap the debt recovery tribunal to get back over Rs 14,000 crore

Snapping the two-session gaining streak, Sensex and Nifty50 ended 1% lower on Monday, weighed down by selling in power and FMCG stocks.

In 2020, Future Group had signed a deal to sell its retail, logistics and warehousing businesses to Reliance Retail, a subsidiary of billionaire Mukesh Ambani-controlled RIL.

Covid-related market disruption blamed for closure of loss-making business.