SEBI asked for some clarification on Rs 24,713 crore rupees deal between Reliance and Future Retail, where Reliance will acquire the assets of the Future Group. In an update on November 27, SEBI said that they are waiting for a reply on the scheme of arrangement between Future Group and Reliance Group companies. Scheme of arrangement is a court-approved agreement between a company and its shareholders or creditors.
According to sources, there are many complaints registered on SEBI’s platform which are yet to be resolved and a clarification is needed to solve their complaints. SEBI can give approvals only after getting a resolution from investors.
Reliance aims to boost and grow its retail business. E-commerce giant Amazon opposed the deal as Amazon bought 49 per cent stake in one of Future Group’s unlisted firms. Later, Competition Commission of India (CCI) approved the Reliance – Future Group deal. The share price of Reliance is down by 1%.
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