Reliance Industries Limited (RIL) has called off the deal with Future Retail Ltd (FRL) after FRLs secured creditors voted against the scheme.
In a filing with the stock exchanges, RIL said, “The 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.”
The scheme of arrangement was for the transfer of retail and wholesale business and the logistics and warehousing business of Future Group to Reliance Retail Ventures Limited (RRVL), a subsidiary of the company, and Reliance Retail and Fashion Lifestyle Limited (RRFLL), a wholly-owned subsidiary of RRVL, for Rs 24,371 crore.
The deal was opposed by Amazon and intense legal battles have been waged ever since the deal was announced.