Strategy to follow in Future group since about to collapse and sink, Reliance deal cancelled as Secured Creditors Reject Reliance Deal. Future group on brink of collapse, lenders begin work to take firms to NCLT.
Future Group Deal Cannot Be Implemented, Says Reliance. Reliance calls off ₹24,713 crore deal with Future Group.
SBI Seeks Accountability From Future Group On Stores Taken Over By Reliance Industries.
Future Enterprises defaults on Rs 2,911.51 cr loan repayments. Amazon Warns Future Against Holding Meetings To Approve Assets Sale To Reliance.
Bankruptcy A Reality For Future Retail As Secured Creditors Reject Reliance Deal: Key Highlights.
Future Group Responds To Amazon's Warning Against Meeting To Approve Assets Sale To Reliance.
How Reliance Stunned Amazon in its Battle to Take Over the Future Group. Amazon accuses Reliance of “collusion” with Future Retail.
Reliance Industries Ltd (RIL): Update on the scheme of arrangement for the transfer of retail & wholesale business and the logistics and warehousing business of Future Group to Reliance Retail Ventures Limited (RRVL), a subsidiary of the Company and Reliance Retail and Fashion Lifestyle Limited (RRFLL), a wholly-owned subsidiary of RRVL Further to our intimation to Stock Exchanges dated August 29, 2020 on the subject, we wish to inform you as follows:
The Future Group companies comprising Future Retail Limited (FRL) and other listed companies involved in the scheme have intimated the results of the voting on the scheme of arrangement by their shareholders and creditors at their respective meetings. As per these results, the shareholders and unsecured creditors of FRL have voted in favour of the scheme. But the secured creditors of FRL have voted against the scheme. In view thereof, the subject scheme of arrangement cannot be implemented.
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The anticipated deal between Reliance Retail and Future Retail Limited failed to materialise, after nearly 70% of the latter's secured creditors voted against the proposed deal.
While more than 75 per cent of shareholders and unsecured creditors supported the deal, FRL did not get the requisite 75 per cent favourable voting from secured creditors.
A majority of 69.29 per cent of secured creditors of FRL voted against the resolution while 30.71 per cent voted in favour of it, FRL said in a regulatory filing.
In August 2020, the Future Group announced the Rs 24,713 crore deal to sell 19 companies operating in retail, wholesale, logistics and warehousing segments to Reliance Retail Ventures Ltd (RRVL), the holding company of all the retail companies under the billionaire Mukesh Ambani-led RIL Group.
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