Reliance-Future deal gets Sebi nod, BSE ‘no-adverse-observation’ status

wayne


Market regulator gave a go-ahead on Wednesday to Future Group’s scheme of arrangement and sale of assets to Reliance, based on which the Bombay Stock Exchange also granted its “no adverse observation” report to the Rs 24,713-crore deal.


The Securities and Exchange Board of India (SEBI) allowed the deal with some riders, five months after it was announced last August.

 




The has said the litigation pending before the Delhi High Court and arbitration proceedings by the global e-commerce major contesting the deal should be specifically mentioned by while seeking shareholders or the National Company Law Tribunal approval, the BSE stated in its observation letter.


It has also held that SEBI’s go-ahead on the draft scheme of arrangement would be subject to the outcome of these proceedings.


Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor



First Published: Thu, January 21 2021. 03:33 IST

Next Post

Morrison rejects Labor's US ties criticism

Scott Morrison has hit back at Labor’s accusation he damaged Australia’s alliance with the United States through being too close to Donald Trump.

Subscribe Now