Earlier on Tuesday, Mukesh Ambani announced his resignation as director of Reliance’s telecom unit Jio effective June 27, and appointment of his eldest son Akash as the chairman of the board.
The announcement of handing over the succession is expected to be made within the next one to two days.
While more than 75 per cent of shareholders and unsecured creditors supported the deal, FRL did not get the requisite 75 per cent favourable voting from secured creditors.
The Reliance group firm has signed a definitive agreement to invest either by itself or through its affiliates in AJSK, as per a joint statement.
Future Retail defaulted on payment of Rs 5,322.32 crore to a string of lenders by the due date of March 31.
Amazon had moved the top court against the January 5 order of the Delhi High Court, which stayed the proceedings before the arbitral tribunal over Future Retail's merger deal with Reliance Retail.
During the course of the arguments, the court expressed anguish at how many pleas and replies were being filed by both parties.
Amazon and Future group are engaged in multi-forum litigation on the issue of FRL's merger deal to the tune of Rs 24,500 crore with Reliance Retail Ltd.
Amazon has been in a see-saw litigation with the Future Group and Reliance since 2020, and has so far blocked the R24,500 crore sale of Future’s retail chain to Reliance.
In stock exchange filings, the Kishore Biyani-led debt-laded Future Group firms said they have been served notices to terminate the lease of 835 Future Retail stores and 112 Future Lifestyle stores.
FRL-Reliance merger: SC defers hearing on Amazon's plea for 10 days for finding solution through dialogue
TNIE had recently written that Amazon may have to hit the negotiation table given the takeover of Future Retail stores by Reliance Retail.
The suggestion was mooted by a bench headed by Chief Justice N V Ramana while adjourning to March 9 the hearing on Amazon's appeal against the January 5 order of the Delhi High Court.
Future group and Amazon are entangled in a tussle since October 2020, when the e-commerce giant dragged the latter to arbitration at SIAC.
The dispute between Future group and Amazon started when the e-commerce giant dragged the latter to arbitration at SIAC in October 2020.
The largest retailer led a $240 million funding round in Dunzo, with participation from existing investors Lightbox, Lightrock, 3L Capital and Alteria Capital.