Mumbai: A day after secured creditors, primarily banks and financial institutions, of Future Retail rejected the Rs 24,713 crore deal with Reliance Group, billionaire Mukesh Ambani-led Reliance Industries Ltd (RIL) on Saturday said that the scheme of arrangement cannot be implemented.
Future Group's plan to sell its retail and wholesale assets to Reliance Retail failed after the majority of the lenders of the flagship Future Retail Ltd (FRL) voted against such a takeover by Reliance, media reports said.
New Delhi: A Supreme Court bench headed by Chief Justice N V Ramana Tuesday said that it would list for hearing the interim plea of e-commerce major Amazon seeking preservation of Future Retail Ltd's assets besides resumption of arbitration over the merger deal with Reliance Retail, media reports said.
Amazon's January 19 letter opposing the sale of small-format stores by Future Retail Limited (FRL) has elicited a terse response from the latter's independent directors, who asked the e-commerce giant to pay Rs 3,500 crore to FRL so that it can repay its lenders, media reports said.
New Delhi/IBNS: Amazon has approached the courts challenging the recent decisions in its protracted legal dispute with Kishore Biyani-led Future Group after the Competition Commission of India suspended a 2019 deal between the two sides, leading to a halt in their arbitration, Reuters reported on Sunday citing sources.
Singapore: Future Retail cannot avoid being part of the arbitration process over a commercial dispute with Amazon.com Inc, a Singapore arbitration panel ruled on Wednesday, Reuters reported.
Mumbai/IBNS: Reliance Retail Ventures Ltd. (RRVL) has extended the long-stop date for the completion of its deal with Future Group by six month to March 31, 2022, according to media reports.
New Delhi/IBNS: In a big relief to Future Group, the Supreme Court has halted the seizure of Future Coupons, Future Retail and Future Group owned by Kishore Biyani.
New Delhi/IBNS: The Delhi High Court Tuesday said it will implement the ruling issued by the single-judge bench restraining Future Retail Ltd (FRL) from selling its retail assets for Rs 24,713 crore with Reliance Retail to sell its business, which was opposed by US-based e-commerce giant Amazon, in case no stay is obtained from the Supreme Court within four weeks.
New Delhi/IBNS: The Supreme Court on Friday ruled that Reliance Retail and Future Retail cannot go ahead with their Rs 24,713 crore deal, in a boost to US-based e-commerce giant Amazon.
New Delhi/IBNS: The Delhi High Court on Monday 'stayed' the March 18 order of Delhi High Court's single-judge bench that restrained Future Retail Ltd's (FRL) Rs 24,713 crore deal with Reliance Retail, which was objected to by US-based e-commerce giant Amazon, media reports said.
New Delhi/IBNS: Kishore Biyani-led Future Group has challenged the ruling of Delhi High Court's single-judge bench, upholding Singapore International Arbitration Centre's order that restrained Future Retail Ltd's (FRL) Rs 24,713 crore deal with Reliance Retail, a deal that was opposed by US-based e-commerce giant Amazon, media report said.
Delhi/IBNS: The Delhi High Court has restricted Future Retail from selling its business to Reliance Retail, which was challenged by e-commerce giant Amazon, upholding the Singapore International Arbitration Centre's order, said media reports.
New Delhi/IBNS : The Supreme Court has put a hold on the regulatory approval of the sale of 's $3.4 billion retail assets of Future Group to Reliance Industries Ltd, delaying the sale which will boost Amazon.com Inc which is trying to stop the deal in a bid to grab the biggest market share in India, according to Bloomberg report..
Mumbai/IBNS: The Securities Exchange Board of India (SEBI) has cleared the Rs 24,713 crore retail asset sale of Future Group to Mukesh Ambai-led Reliance Industries, which is being challenged by global e-commerce major Amazon.