Corporate Debt Restructuring Masterclass

18 July 2022 (Mon), 5pm Singapore/HK time

Global e-commerce giant Amazon requested the Securities and Exchange Board of India (SEBI) not to give a no-objection certificate (NOC) to the Future Group-Reliance Retail deal since their case in the court still continues. Amazon had earlier got a Singapore court to intervene asking the acquisition to be suspended while both Future Retail and Reliance said that the court’s orders were not enforceable, and that they have decided to go ahead with the deal any way. The Competition Commission of India (CCI) approved the deal later and the SEBI and National Company Law Tribunal (NCLT) approvals are only pending. “In view of the directions in the operative part of the Interim Award, we request your good offices to take action by inter alia: (i) suspending review of the impugned transaction as well as the scheme involving the impugned transaction, and not granting any no-objection in relation to the same; and (ii) directing the Indian Stock Exchanges not to issue any no-objection/approval letter to FRL,” said Amazon. Future Retail’s 5.6% 2025s were down 1.2 cents to 87.4 cents on the dollar, yielding 9.4%.

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