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SEBI approves Reliance-Future deal, BSE grants no-adverse-observation status
Market regulator SEBI gave a go-ahead on Wednesday to Future Group s scheme of arrangement and sale of assets to Reliance, based on which the Bombay Stock Exchange also granted its no adverse observation report to the Rs 24,713-crore deal. Amazon had written several letters to the SEBI and other regulatory agencies to suspend their review of the deal and not grant it a no objection certification on ground that its challenge to the agreement was before the Delhi High Court.
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ETtech Morning Dispatch on 21 Jan. 2021: Top tech news to start your day
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Last Updated: Jan 21, 2021, 08:31 AM IST
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Synopsis
From India s plan to revamp IT Act to Tesla India s one-seat office in Bengaluru and Joe Biden s tech to-do list, here are the must-read top tech news this morning
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India is planning to revamp its IT Act to keep up with the massive shifts in technology. Tesla India has booked a one-seat office in Awfis Bengaluru a placeholder of sorts. Sebi has approved the Reliance-Future deal, amid persistent opposition from Amazon.
Also, a look at President Joe Biden’s tech to-do list…
Updated Jan 20, 2021 | 23:05 IST
The Securities and Exchange Board of India in the letter stated that the Company shall ensure that as a part of the notice to shareholder seeking their approval on the scheme. SEBI approves Future Group-Reliance Industries deal
New Delhi: The Securities and Exchange Board of India (SEBI) on Wednesday granted approval to the deal between Kishore Biyani-led Future Group and Reliance Retail, an arm of the Mukesh Ambani-led Reliance Industries Limited. The market regulator, in its letter which approved the deal, listed a number of conditions in accordance to the Composite Scheme of Arrangement. Company shall ensure that the shares of the transferee entity issued in lieu of the locked-in shares of the transferor entities is subjected to lock-in for the remaining period post scheme, the regulatory body stated.
એમેઝોને સતત આઠમી વખત પત્ર લખીને સેબીને રિલાયન્સ ફ્યુચર ડીલ રદ કરાવવા વિનંતી કરી; જાણો શું છે મામલો? | Amazon writes 8th letter to SEBI to cancel reliance future deal vtvgujarati.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from vtvgujarati.com Daily Mail and Mail on Sunday newspapers.
Reliance-Future deal: What’s at stake?
The outcome of the Reliance-Future deal is likely to determine the future roadmap of India s lucrative retail sector. While Future Group s Kishore Biyani is hopeful that regulators will rule in favour of the deal, Amazon seems to be in no mood to give up the fight. Here s what s at stake:
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UPDATED: January 11, 2021 16:18 IST
The Reliance-Future deal was halted a few month ago after Amazon secured an arbitration order against it. (Photo: Reuters)
A day ago, Future Group’s chief executive Kishore Biyani said he is “disappointed” with Amazon.com Inc for blocking the deal with Reliance to sell its retail business. Biyani added that the group expects a swift regulatory approval for its Rs 24,713 crore deal to sell retail assets to Mukesh Ambani’s Reliance.