Reliance Industries Ltd (RIL) has called off a proposed transaction with Future Retail Ltd (FRL) following opposition from FRL’s secured creditors.
In a filing with the stock exchanges, RIL said, “The Future Group companies comprising Future Retail Ltd (FRL) and other listed companies involved in the scheme have intimated the results of the voting on the scheme of arrangement by their shareholders and creditors at their respective meetings.”
“As per these results, the shareholders and unsecured creditors of FRL have voted in favour of the scheme. But the secured creditors of FRL have voted against the scheme,” the statement said.
