India’s leading retailer Reliance has called off its $3.4 billion deal with another Retail giant Future Group, saying it “cannot be implemented” after the latter’s secured creditors voted against it. In August 2020, Future Group had announced plans to sell 19 companies to Reliance Retail Ventures. In February, Reliance Group began the takeover of 947 Future Group stores. The deal was at the centre of legal battles since 2020 after Future’s partner Amazon legally blocked it, citing violation of certain contracts. Future denied any wrongdoing, reported Press Trust of India.
In a regulatory filing, Reliance said 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 secured creditors of FRL have voted against the scheme. In view thereof, the subject scheme of arrangement cannot be implemented,” said RIL, while updating on the scheme of arrangement for the transfer of retail and wholesale business and the logistics and warehousing business of Future Group to its subsidiary Reliance Retail Ventures and Reliance Retail and Fashion Lifestyle.
At Future Enterprises, 100 per cent of the shareholders voted in favour of the scheme. As many as 100 per cent of secured creditors voted against the scheme and 62.7 per cent of the unsecured creditors voted in favour. Voting was conducted after an order by the National Company Law Tribunal (NCLT) on February 28 following a Supreme Court order, which allowed Future group a meeting of shareholders and creditors to seek approval for sale to Reliance Retail.
RRVL is the holding company of all the retail companies under the RIL Group. The announcement is the latest in a two-year-long battle between Reliance and Future — that run two of India’s largest retail chains — and e-commerce giant Amazon, which has sought to block the deal. Shares of Future Group companies fell sharply on Monday, some as much as 20%, pushing its flagship Future Retail towards a possible bankruptcy process.
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