Companies

Reliance Retail to go ahead with Future deal despite stay order

Our Bureau Mumbai | Updated on October 26, 2020 Published on October 26, 2020

Says transaction was entered into under ‘proper legal advice’

Despite an interim stay by the arbitrator, Reliance Retail Ventures Ltd (RRVL) said it will go ahead with the deal to acquire Future Retail.

"RRVL has entered into the transaction for the acquisition of assets and business of Future Retail Ltd under proper legal advice and the rights and obligations are fully enforceable under Indian Law. RRVL intends to enforce its rights and complete the transaction in terms of the scheme and agreement with Future Group without any delay,” Reliance said in a statement.

Also read: Arbitrator stays Future-RIL deal on Amazon complaint

An interim order passed by the Emergency Arbitrator in the arbitration proceedings invoked by Amazon under a shareholders’ agreement with the promoters of Future Group had slapped a stay on the deal between Reliance and Future Group.

"RRVL intends to enforce its rights and complete the transaction in terms of the scheme and agreement with Future Group without any delay,” RRVL said in a statement.

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Published on October 26, 2020
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