The Securities and Exchange Board of India (SEBI), on Wednesday night, gave a go-ahead to Reliance Industries' Rs 24,713-crore deal to buy Future Group's retail assets. The Bombay Stock Exchange also granted its "no adverse observation" report to the Rs 24,713-crore deal, based on the approval granted by the market regulator.
In August 2020, Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries, had announced that it was acquiring the retail and wholesale business, logistics and warehousing business from the Future Group as going concerns for lumpsum aggregate consideration of Rs 24,713 crore.
Amazon had filed a petition before the Delhi High Court, seeking a stay on the Future-Reliance deal. However, the Delhi High Court had declined a plea of Future Retail to restrain Amazon from interfering in its deal with Reliance Retail on the basis of an interim order of Singapore International Arbitration Centre.
The Securities and Exchange Board of India (SEBI) has allowed the deal, with some riders. The market regulator 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 approval from the shareholders and the National Company Law Tribunal. It has also held that SEBI's go-ahead on the draft scheme of arrangement would be subject to the outcome of these proceedings.