Reliance deal: Amazon, Future urge SEBI to resolve buyout

Mumbai

Future Group has requested SEBI to expedite the review of the proposed deal and issue a no-objection certificate, while Amazon has urged that the review of the “impugned transaction” be suspended.

Amazon had dragged Future Group to arbitration at Singapore International Arbitration Centre (SIAC) after an indebted Kishore Biyani group firm signed a pact to sell retail, wholesale, logistics and warehousing units to billionaire Mukesh Ambani’s Reliance in August this year.

Future Group firm Future Retail Ltd (FRL) approached the Delhi High Court, which earlier this month upheld Amazon’s right to make representations to statutory authorities against the Future Group-Reliance Retail deal.

In its letter, dated December 23, FRL requested SEBI to decide over the NOC (No Objection Certificate) required for the sale of its retail and other businesses “as soon as possible” as any delay would cause loss to the company, its stakeholders and investors.

“In view of the judgment of the Delhi High Court, it is respectfully prayed that SEBI reviews the application submitted...”