SUMMARY
FRL secured votes of 85.9% shareholders in favour of the proposed INR 24,713 crore deal with Reliance.
78.22% of the unsecured creditors also voted in favour of the proposed deal.
However, a majority of secured creditors voted against the deal. As many as 69.29% of them vetoed the proposal
Future Retail Ltd’s (FRL) plan to sell its assets to Reliance Industries Ltd (RIL) has failed as a majority of shareholders of the debt-laden company voted against the INR 24,713 crore deal.
In an exchange filing on Friday…
