© Reuters. FILE PHOTO: Folks use an escalator as they exit a Future Group Large Bazaar retail retailer in Mumbai, India, November 25, 2020. REUTERS/Niharika Kulkarni/File Picture
MUMBAI (Reuters) – Reliance Industries stated on Saturday its take care of Future Group “can’t be applied” after secured collectors within the latter rejected it, the corporate stated in an alternate submitting.
“The shareholders and unsecured collectors of FRL (Future Retail) have voted in favour of the scheme. However the secured collectors of FRL have voted towards the scheme. In view thereof, the topic scheme of association can’t be applied,” Reliance stated.
The rejection by the lenders comes amid a authorized problem by U.S. e-commerce big Amazon.com Inc (NASDAQ:) which has accused Way forward for violating sure contracts by coping with Reliance, run by India’s richest man, Mukesh Ambani.
Reliance in 2020 sought to buy Future’s retail, wholesale and different belongings in a $3.4 billion deal after Future was hit laborious by the pandemic.
Secured lenders of India’s Future Retail on Friday rejected the deal, and Future now faces the prospect of a chapter course of.
