Reliance-Future's Rs 24,000 crore deal gets a nod from SEBI

The market regulator, Securities and Exchange Board of India (SEBI) has given a nod to the Reliance Industries’ Rs 24,713 crore deal to buy Future Group’s retail assets. A "no adverse observation" report to the deal was also granted by the Bombay Stock Exchange (BSE).

In a letter, the market regulator has asked Future Group to precisely mention the legal case pending before the Delhi High Court and arbitration proceedings by the global e-commerce major Amazon contesting the deal. It has also held that SEBI's nod on the draft scheme of arrangement would be subject to the outcome of these proceedings.

Commenting on the development, an Amazon spokesperson said, "The letters issued by BSE & 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."

The market regulator, SEBI has ordered that Future Group shall ensure that the details of the complaints made by Amazon.com NV Investment Holdings LLC and submission of its group firm Future Retail.

The SEBI directed Future Group to ensure that suitable disclosure about the latest financials of the companies involved in the scheme being not more than six months old was done before filing the same with the NCLT, the BSE said in its observation letter.

"In the light of above, we hereby advise that we have no adverse observations with limited reference to those matters having a bearing on listing/de-listing/continuous listing requirements within the provisions of Listing Agreement, so as to enable the company to file the scheme with Hon''ble NCLT," the BSE said.