The Securities and Exchange Board of India (SEBI) on Wednesday night pushed forward a Rs 24,713 crore deal by Reliance Industries to buy Future Group’s retail assets. The Bombay Stock Exchange also gave its “no adverse monitoring” report to the deal of Rs 24,713 crore based on the approval given by the market regulator.
In August 2020, Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries, announced that it was acquiring the retail and wholesale business, logistics and warehousing business from Future Group for a Rs 24,713-crore limpus aggregation idea. Is a matter of concern.
Amazon had filed a petition before the Delhi High Court seeking a stay on the Future-Reliance deal. However, the Delhi High Court had rejected a petition by Future Retail on the basis of an interim order from the Singapore International Arbitration Center to prevent Amazon from interfering in its deal with Reliance Retail.
The Securities and Exchange Board of India (SEBI) has allowed deals with certain riders. The market regulator said the deal should be specifically outlined by Future Group for litigation pending before the Delhi High Court and arbitration proceedings by global e-commerce chief Amazon, while seeking approval from shareholders and the National Company Law Tribunal. It is also believed that the Sebi’s move forward on the draft plan of the system will be subject to the outcome of these actions.