Majority of Future Retail secured creditors reject Reliance deal

Shareholders, unsecured creditors back the proposal

Majority shareholders and unsecured creditors of Future Retail, Future Lifestyle Fashions, and other group firms have voted in favour of the scheme of amalgamation with Reliance Retail.

However, a majority of the secured creditors of four out of the five Future companies (for which voting results are announced) voted against the resolution required to pass Future Group’s Rs 25,000-crore scheme to sell most of its retail and logistics businesses to Reliance Group.

In Future Lifestyle Fashions, 81.91 per cent of the shareholders voted in favour of the scheme of amalgamation, and so did 93.93 per cent of the unsecured creditors.

However, 82.75 per