New Delhi: Reliance has finally got market regulator SEBI’s approval to take over the Future Group’s scheme of arrangement and sale of assets in a Rs 24,713-crore billion deal, acquiring rights for retail major Big Bazaar. The Securities and Exchange Board of India (SEBI) allowed the deal with some riders, five months after it was announced last August.Also Read - LIC IPO: LIC Seeks Review Of Prospectus In Three Weeks By SEBI, Aims To Hit The Bourses By March-End

The Bombay Stock Exchange (BSE) has also granted a “no adverse observation” on SEBI’s go-ahead on the proceedings. Also Read - SEBI Recruitment 2022: Notification Out For 120 Posts on | Check Eligibility, Other Details

Reliance was battling it out with Amazon, which had written several letters to regulatory agencies to suspend their review of the deal and not grant it a no-objection certification on ground that its challenge to the agreement was before the Delhi High Court. Also Read - SEBI Changes Rules For IPOs, Lock-In Period For Investors | Read Key Points Here

The Delhi High Court was hearing arbitration proceedings against the Future Group filed by e-commerce major Amazon which had challenged the deal on a “draft scheme of arrangement” that should be mentioned specifically by the Big Bazaar parent firm.

“The letters issued by BSE & NSE clearly state that comments of SEBI on the “draft scheme of arrangement” (proposed transaction) are subject to the outcome of the ongoing arbitration and any other legal proceedings. We will continue to pursue our legal remedies to enforce our rights.” an Amazon spokesperson said.

The SEBI has directed that Future Group shall ensure that the details of the complaints made by NV Investment Holdings LLC and submission of its group firm Future Retail.

In August 2019, Amazon had agreed to purchase 49 per cent of one of Future’s unlisted firms — Future Coupons Ltd — with the right to buy into the flagship Future Retail after a period of three to 10 years.

It dragged Future Group to arbitration at the Singapore International Arbitration Centre (SIAC), arguing that Future violated its contract with the US firm by entering into the deal with rival Reliance.

In October last year, Amazon won the injunction barring Future Retail from taking any step to dispose of or encumber its assets or issuing any securities to secure any funding from a restricted party.

Future Coupons holds 7.3 per cent equity in the BSE-listed Future Retail, which operates popular supermarket and hypermarket chains like Big Bazaar — through convertible warrants.