Future Retail-Reliance deal gets SEBI nod
January 20, 2021
A Big Bazaar retail outlet (file photo)×
Future Retail told to inform NCLT of Amazon s complaint
Notwithstanding the objections raised by Amazon, the Securities and Exchange Board of India (SEBI) has given it s nod to the Future Retail and Reliance Retail Ventures deal. In August 2020, Future Retail and Reliance Retail had agreed to a slump sale of assets to the latter for approximately Rs 25,000 crore. This comes even as Amazon has moved an appeal to the Divisional Bench of Delhi High Court opposing the deal.
SEBI has said that Future Retail shall ensure that the details of the complaints made by Amazon and the related legal proceedings should be bought to the notice of the shareholders of the listed entities involved in the scheme while taking shareholder approval on the scheme. Further the same shall also be brought to the notice of NCLT while filing the draft scheme for their approval,” SEBI said.
Despite exhortations by Amazon, markets regulator SEBI has approved the deal between Future Group and Reliance Industries. SEBI, in a letter issued on Wednesday, approved the deal subject to a number of conditions in the Composite Scheme of .
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.
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Reliance Retail Ventures acquires Future Group businesses for ₹24,713 cr
Reliance Retail Ventures Ltd (RRVL), a subsidiary of Reliance Industries Ltd, in August announced acquiring the retail, wholesale, logistics and warehousing businesses of the Future Group for ₹24,713 crore. The former will have access to 1,800 stores across the group’s Big Bazaar, FBB, Easyday, Central, Foodhall formats across 420 cities. The acquisition was done as part of the scheme in which Future Group merged its grocery, apparel, supply chain and the consumer businesses into Future Enterprises Limited (FEL). The retail/wholesale undertaking of Future Group will be transferred to Reliance Retail and Fashion Lifestyle Limited (RRFLL), a subsidiary of RRVL.
Apparel, FMCG cos urge SEBI to clear RIL-Future deal
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Two industry associations representing apparel companies and distributors of fast-moving consumer goods (FMCG) companies have written to the Securities and Exchange Board of India (Sebi), urging the market regulator to review and approve Future Group s deal with Reliance Retail Ventures quickly.
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Mumbai: Two industry associations representing apparel companies and distributors of fast-moving consumer goods (FMCG) companies have written to the Securities and Exchange Board of India (Sebi), urging the market regulator to review and approve Future Group s deal with Reliance Retail Ventures quickly. A quick resolution might help them recover about Rs 6,000 crore in dues, pending almost a year.