Reliance calls off its Rs 24,713 crore deal with Future Group as secured creditors vote against it
Reliance Industries has called off its deal to acquire Future Group’s assets
The deal was worth Rs 24,713 crore
It was dropped as secured creditors of Future Group voted against the proposal
They mainly include banks and financial institutions
They could not get the mandatory 75% for the approval
However, the shareholders and unsecured creditors have voted in favour of the group
Meanwhile, Shailesh Haribhakti, chairperson and independent director of Future Lifestyle Fashions Ltd, resigned
He had chaired the meetings of shareholders and creditors for the deal
He was in charge of the National Company Law Tribunal (NCLT)
Since its announcement, the deal had been a subject of continuous scrutiny
Amazon, which bought a 49% stake in Future Coupons Pvt Ltd, was against the deal
