SEBI CLEARS RIL DEAL

Future Retail's Rs 24,713 crore-deal to sell its retail assets to billionaire Mukesh Ambani-led conglomerate Reliance Industries has got approvals from stock exchanges with certain riders.

The indebted group will have to seek shareholders' nod for the deal as well as get an approval from the National Company Law Tribunal (NCLT).

However, BSE and NSE, in their separate observation reports have stated that the comments on the draft scheme of arrangement are "subject to the outcome of any of the ongoing litigations/ arbitration/ legal proceedings involving the draft scheme and/ or the decision by any competent authority/ competent court in this regard".

Markets regulator Sebi has also given a go-ahead to Future Group's scheme of arrangement and sale of assets to Reliance Industries Ltd (RIL). Clearances from the Securities and Exchange Board of India (Sebi) and bourses are mandatory for the deal to be completed.

E-commerce major Amazon has opposed the proposed deal. "The letters issued by BSE and NSE clearly state that comments of Sebi on the 'draft scheme of arrangement' (proposed transaction) are subject to the outcome of the ongoing arbitration and any other legal proceedings.

"We will continue to pursue our legal remedies to enforce our rights," an Amazon spokesperson said.

Earlier this month, Future Group Founder and CEO Kishore Biyani in an interview to PTI indicated that it would take around 45 to 60 days to complete the deal after getting approval from Sebi.

The stock exchanges -- in their reports dated January 20 -- have advised Future Group to ensure that the details of the complaints made by Amazon.com NV Investment Holdings LLC (Amazon), the submissions of Future Retail Ltd and the counter submissions of Amazon are brought to the notice of the shareholders of the listed entities involved in the scheme while seeking their approval.

"Further the same shall also be brought to the notice of NCLT while filing the draft scheme for their approval," as per the reports.