Market regulator SEBI gave a go-ahead to Future Group’s scheme of arrangement and sale of assets to Mukesh Ambani’s Reliance, based on which the Bombay Stock Exchange also granted its “no adverse observation” report to the Rs 24,713-crore deal reported PTI.
The Securities and Exchange Board of India (SEBI) allowed the deal with some riders, five months after it was announced last August.
The Sebi has said the litigation pending before the Delhi high court and arbitration proceedings by the global e-commerce major Amazon contesting the deal should be specifically mentioned by Future Group while seeking shareholders or the National Company Law Tribunal approval, the BSE stated in its observation letter.
It has also held that Sebi’s go-ahead on the draft scheme of arrangement would be subject to the outcome of these proceedings.
It may be recalled that earlier , Last month, the Delhi High Court dismissed a plea from Future Group that sought
to restrain Amazon from interfering in the asset sale to Reliance.
Future sold its retail assets in August to Reliance in a deal Amazon said breached agreements Future made with the US ecommerce leader in 2019.