Shares in Future Group companies jumped 5 per cent on Thursday after Indian stock exchanges approved the group’s Rs 24,713-crore deal to sell their retail assets to Mukesh Ambani-led conglomerate Reliance Industries.

The Indian exchanges said they reached the decision after communicating with India’s markets regulator, the Securities and Exchange Board of India (Sebi), which had earlier cleared the deal.

However, the BSE and NSE, have stated that their approval is “subject to the outcome of any of the ongoing litigations/arbitration/legal proceedings involving the draft scheme and/or the decision by any competent authority/competent court in this regard”.  

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The deal had soured ties with Future’s business  partner Amazon.com Inc, which claimed the transaction breached agreements with Future made in 2019. Amazon raised legal and regulatory challenges to the deal at a Singapore arbitration court and in the Delhi court.

The stock exchanges have advised Future Group to ensure that the details of the complaints made by Amazon.com NV Investment Holdings LLC (Amazon), the submissions of Future Retail Ltd and the counter submissions of Amazon are brought to the notice of the shareholders of the listed entities involved in the scheme while seeking their approval.

“Further, the same shall also be brought to the notice of the NCLT (National Company Law Tribunal) while filing the draft scheme for its approval.”

The observations of Sebi/stock exchanges are to be incorporated in the petition to be filed before the NCLT, the reports said. The stock exchanges have also asked Future to ensure shareholders are informed that 74.2 per cent of the business value of the Future Enterprises Ltd, post amalgamation of all the transferor companies, is getting transferred to Reliance Retail Ventures Ltd and Reliance Retail and Fashion Lifestyle Ltd and that these two companies would not be seeking listing post the scheme of arrangement.

Sebi has also directed Future Group to ensure that suitable disclosure about the latest financials of the companies involved in the scheme being not more than six months old are made before filing the same with the NCLT.

PTI quoted an Amazon spokesperson who said “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.”

Future Group founder and CEO  Kishore Biyani said earlier this month it expects regulatory approval of the deal, after a New Delhi court in December said the authorities can take a decision on the transaction in accordance with the law.