SEBI clears Reliance-Future's ₹ 24,000-crore deal, BSE also gives nod

Reliance Industries' ₹ 24,713-crore deal billion deal to buy Future Group's retail assets got a nod from market regulator ecurities and Exchange Board of India (SEBI) on Wednesday, based on which the Bombay Stock Exchange (BSE) also granted its "no adverse observation" report to the Rs 24,713-crore deal.

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The SEBI has asked Future Group to specifically mention the legal case pending before the Delhi High Court and arbitration proceedings by the global e-commerce major Amazon contesting the deal, the BSE stated in its observation letter. It has also held that SEBI's approval 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."

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The SEBI has directed 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 market regulator 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 its observation letter.

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"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.

Reliance and Future dominate the Indian Market, with the third emerging competitor, Avenue Supermarts's DMart, is nowhere close in terms of stores and reach.

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Last October, the Singapore International Arbitration Centre (SIAC) had passed an interim award in favour of Amazon with a single-judge bench of V K Rajah barring Future Retail from taking any step to dispose of or encumber its assets or issuing any securities to secure any funding from a restricted party.

(With PTI Inputs)