Reliance Industries update on scheme of arrangement with Future Group

25 Apr 2022 , 09:32 AM

Reliance Industries announced that with regards to the scheme of arrangement for the transfer of retail & wholesale business and the logistics and warehousing business of Future Group to Reliance Retail Ventures (RRVL), a subsidiary of the Company and Reliance Retail and Fashion Lifestyle (RRFLL), a wholly-owned subsidiary of RRVL, the Future Group companies comprising Future Retail (FRL) and other listed companies involved in the scheme have intimated the results of the voting on the scheme of arrangement by their shareholders and creditors at their respective meetings. As per these results, the shareholders and unsecured creditors of FRL have voted in favour of the scheme. But the secured creditors of FRL have voted against the scheme. In view thereof, the subject scheme of arrangement cannot be implemented.

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