Reliance calls off deal with Future after secured creditors reject it

A majority of the secured creditors voted against the resolution.

Reliance Industries on Saturday told BSE its agreement to buy Future Retail for almost Rs 25,000 crore cannot be implemented after lenders to the retail company rejected the deal.

Reliance said in a regulatory filing Future Group companies comprising Future Retail Limited (FRL) and other listed companies involved in the scheme have intimated the results of the voting on the scheme of arrangement by their shareholders and creditors at their respective meetings.

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, the company