New Delhi, Apr 23: A day after secured creditors of Future Retail rejected the Rs 24,713 crore deal with Reliance Group, billionaire Mukesh Ambani-led Reliance Industries Ltd (RIL) on Saturday said that the scheme of arrangement cannot be implemented. In a regulatory filing to the BSE, RIL said that 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,” RIL said. Debt-laden Future Group had in August 2020 announced the deal to sell its retail, wholesale, logistics and warehousing segments to Reliance group. (UNI)
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