Page 40 - Future Group News Today

Reliance Industries “cannot implement” its $3.4 billion deal to acquire parts of retail chain Future Group after the latter’s secured creditors rejected the offer earlier this week, India’s most valuable firm said in a stock exchange filing on Saturday. “The Future Group companies comprising Future Retail Limited (FRL) and other listed companies involved in the […]

The rejection by the lenders comes amid a legal challenge by Amazon.com Inc which has accused Future of violating certain contracts by dealing with Reliance, run by India's richest man, Mukesh Ambani.

Future's deal and merger with Reliance Deal has been rejected by secured Creditors. Read all about it here!

Reliance Industries Limited (RIL) has called off the deal with Future Retail Ltd (FRL) after FRLs secured creditors voted against the scheme.

Lenders to Future Group rejected a $3.4 billion deal for its retail assets from Reliance Industries Limited

As per the regulatory filing, 69.29 per cent lenders voted against the RIL deal and 30.71 per cent secured creditors vote in favour of the deal.

The rejection by lenders come amid a long-drawn legal challenge by U.S. e-commerce giant Amazon.com Inc that has accused Future of violating certain contracts by dealing with Reliance, run by Mukesh Ambani, , reliance industries, future retail

From a peak of 1,400 stores, Future group is now left with around 550 stores. Of these, 70% are shut because of lack of stocks.

The Sensex and Nifty are set to open higher on Thursday, mirroring gains in Asian markets and positive trends at SGX Nifty futures.

FRL scheduled meetings of equity shareholders, secured creditors and unsecured creditors of the company respectively as per directions of the Mumbai Bench of the National Company Law Tribunal.