RIL Says Future Deal Can't be Implemented After Secured Creditors Voted Against it
News 18Reliance Industries Limited on Saturday announced that its arrangement with Future Group for the latter’s transfer of its retail, wholesale, logistics and warehouse assets for a consideration of Rs 24,713 crore to Reliance Retail Ventures Limited cannot be implemented, after the secured creditors of the entities that comprise the Kishore Biyani-led group voted against the deal. Unsecured creditors and shareholders voted in favour of the deal, but as bondholders voted against it, RIL said the scheme of arrangement cannot be implemented. On Friday, CNBC-TV18 had reported that 69.29 percent of FRL’s secured lenders, 82.75 percent of secured lenders of Future Lifestyle Fashion and 100 percent of Future Consumer’s secured creditors voted against the deal. It is understood that the voting pattern was largely along these lines in the other 17 entities that comprise Future Group, with possibly the exception of Future Supply Chain, 81.63 percent of whose secured creditors voted in favour of the deal.
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