 "Future Retail")
Reliance Retail said on Saturday it will not move on its plan to buy Future Group’s businesses after secured lenders to the Kishore Biyani-led company voted against the deal.
“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. In view thereof, the subject scheme of arrangement cannot be implemented,” said Reliance in a stock exchange filing.
A majority of secured creditors voted on Friday against the resolution needed to approve Future Group’s Rs 24,713 crore scheme to sell most of its retail
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