On Wednesday, SEBI (The Securities and Exchange Board of India) has approved the Reliance acquisition of retail assets of Future Group. It was confirmed in August that the owner of Future Group Kishore Bhiyani has agreed on the deal of Rs 24,713 crore for his business with the popular business magnate Mukesh Ambani. Under this agreement, the Future Group will sell its logistics, Wholesale, Retail, and Warehouse businesses to Ambani’s Company. Let find out more about this Business News.
After knowing this news, a clear sign has appeared in our mind that reliance industries owner Mukesh Ambani strongly planning to expand more in the upcoming days. In regard of this notice Securities and Exchange Board of India released an official statement “no adverse observations with limited reference to those matters having a bearing on listing/de-listing/continuous listing requirements within the provisions of Listing Agreement, so as to enable the company to file the scheme with the Hon’ble NCLT [National Company Law Tribunal]”
“The statement has come as a reversal to American e-commerce company Amazon, which had invested Rs 1,400 crore in Future Coupons Pvt Limited, a gifting arm of the group. On October 25, Amazon won an interim order against Reliance Industries’ Rs 24,713 crore deal to buy the retail business of Future Group. The order by a Singapore-based agreement panel had asked the Future group to put the deal on hold”.
When SEBI approved the agreement, SEBI said that all the disputes and complaints regarding the company should be disclosed to the stakeholders which were earlier proceeded to the Delhi High Court. The same information should also be brought to NCLT’s notice while filing the draft scheme of the approval.
In this regard, Sebi said “Company shall ensure that any future disputes, complaints, regulatory actions or proceedings, or orders issued therein involving the draft scheme if any, shall be brought to the notice of shareholders prior to the approval by NCLT,”
On Wednesday After the news, the share of Reliance Industries Limited traded at 2,115.96 or 2.98% higher than the previous closing. Future Retail Limited was trading at 80.65 which is almost 4% higher than the previous closing on Sensex. Apart from currently the shares of Reliance Industries fall down to 2,107 again.
