Reliance Future Group deal Calls Off

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Reliance said Future Group companies have intimated the results of the voting on the scheme of arrangement by their shareholders and creditors at their respective meetings.

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In the secured creditors e-voting, 69.29 per cent of the votes of 11 lenders were against the proposal to sell the assets to the RIL subsidiary.

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Let us tell you that this deal was between the retail and wholesale business of RIL's subsidiary Reliance Retail Ventures Limited Future Group and the logistics and warehousing business.

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In August 2020, Future Group had announced the sale of 19 companies operating across retail, wholesale, logistics and warehousing segments to RRVL.

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At the Future Group shareholders' meeting, 85.94 per cent votes were in favor of the sale of assets to RIL and 14.05 per cent votes were against the proposal.

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Future Group said that about 82.75 percent of Future Lifestyle Fashion (FLF) secured creditors rejected the offer.

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In this deal to be done between Future Group Reliance Retail Ventures Limited (RRVL), 81.91 percent shareholders supported it.

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In this deal of Future Group and Reliance, major banks were not in favor of the proposal citing ambiguity on loan recovery.

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Banks are not convinced about this as FRL has proposed that loans worth over Rs 12,000 crore will be transferred to RIL.

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Reliance began taking over rental leases to hundreds of stores of FRL and Future Lifestyle Fashion Ltd amid litigation and arbitration in India and Singapore.

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