Future Retail-Reliance deal gets SEBI nod
January 20, 2021
A Big Bazaar retail outlet (file photo)×
Future Retail told to inform NCLT of Amazon s complaint
Notwithstanding the objections raised by Amazon, the Securities and Exchange Board of India (SEBI) has given it s nod to the Future Retail and Reliance Retail Ventures deal. In August 2020, Future Retail and Reliance Retail had agreed to a slump sale of assets to the latter for approximately Rs 25,000 crore. This comes even as Amazon has moved an appeal to the Divisional Bench of Delhi High Court opposing the deal.
SEBI has said that Future Retail shall ensure that the details of the complaints made by Amazon and the related legal proceedings should be bought to the notice of the shareholders of the listed entities involved in the scheme while taking shareholder approval on the scheme. Further the same shall also be brought to the notice of NCLT while filing the draft scheme for their approval,” SEBI said.