The Evening Wrap: Reliance calls off ₹24,731-crore deal with Future Retail

Reliance Industries Ltd (RIL) has called off a proposed transaction with Future Retail Ltd (FRL) following opposition from FRL’s secured creditors. In a filing with the stock exchanges, RIL said, “The Future Group companies comprising Future Retail Ltd (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.” “As per these results, the shareholders and unsecured creditors of FRL have voted in favour of the scheme. But the secured creditors of FRL have voted against the scheme,” the statement said. “In view thereof, the subject scheme of arrangement cannot be implemented,” it added. On August 29, 2020, Reliance had intimated to the stock exchanges about a scheme of arrangement for the transfer of retail and wholesale business and the logistics and warehousing business of Future Group to Reliance Retail Ventures Ltd (RRVL), its subsidiary, and Reliance Retail and Fashion Lifestyle Ltd (RRFLL), a wholly-owned subsidiary of RRVL for ₹24,731 crore. Amazon Inc., which had earlier invested in Future Coupons, had fiercely contested this deal and challenged it in the Supreme Court of India. It had also secured an injunction from Singapore Arbitration Tribunal. Hanuman Chalisa row | Rana couple arrested Lok Sabha MP from Amravati, Navneet Rana and her MLA husband Ravi Rana were arrested on Sunday by Mumbai police for promoting enmity between different groups and doing acts prejudicial to maintenance of harmony. The couple had come to Mumbai after announcing that it will recite Hanuman Chalisa at Chief Minister Uddhav Thackeray’s residence Matoshri. Hundreds of Shiv Sena workers barged in to the society at Khar in Mumbai where the couple was residing, kicking off the dramatic events on Saturday. After arrest, the couple too filed a complaint against Mr. Thackeray, Sena leader Sanjay Raut and Anil Parab accusing them for holding them responsible if any harm is done to them. It claimed that the plan of attack on their house was hatched at Matoshri and Sena workers with weapons had come with an intention to cause harm while Mr. Raut and Mr. Parab provoked them all. However, the arrest of the couple might lead to further controversy as they both were seen hurling abuses at Chief Minister Uddhav Thackeray. “Do you think it is a game? Do not test Shiv Sena workers. If you challenge us with support from Bharatiya Janata Party (BJP), then be ready to get befitting reply,” said Sena Rajya Sabha Sanjay Raut. Mr. Raut rubbished the claims that such instances are being planned to create unrest in the State to implement President’s rule. “Do whatever you want, but do not expect us to remain calm if you challenge us to barge in to Matoshri,” he said. Ms. Rana, who was elected to Lok Sabha from Amravati constituency as an independent with support from the Congress and the NCP, has now sided with the BJP. Till Saturday afternoon, the Rana couple maintained that it will go to Matoshri and play Hanuman Chalisa no matter what. She has been given ‘Y’ category security. Sena workers from Friday night had gathered outside Matoshri claiming the house will be guarded by them if anyone tried to come inside. Mr. Thackeray on Friday night had come outside requesting workers to not get aggressive. As Sena continued its protest and a team of Mumbai police asked the couple to not create law and order problem, the MLA said that they both were going back to Amravati citing Prime Minister Narendra Modi’s scheduled visit to Maharashtra on Sunday as they did not want any unrest during the visit and do not want to cause any trouble to people. Mr. Rana claimed that devotees of Lord Rama and Hanuman will teach Thackeray a lesson. Ms. Rana said that she isn’t afraid of Mumbai police, but respects Mr. Modi and do not want any trouble during his visit. After the announcement, Mr. Parab said that the Sena workers will not budge until the couple apologises for creating unnecessary trouble to Mumbaikars. “We have filed a complaint against them for threatening and creating trouble. We will pursue the case until they are arrested,” he said. Meanwhile, Leader of Opposition and Bharatiya Janata Party (BJP) leader Devendra Fadnavis tweeted claiming law and order situation in the State is deteriorating. “Shiv Sena, the State government and the Home department have come together forming a corrupt alliance. They are trying to gain sympathy out of this. This is nothing but a childish way of handling things,” he said. WTO looking to resolve challenges for Indian food exports: Nirmala Sitharaman The World Trade Organisation (WTO) Director-General Ngozi Okonjo-Iweala is looking into resolving WTO rules that are making it difficult for India to export food grains to meet shortages in other countries, caused by the Russia-Ukraine war, according to Finance Minister Nirmala Sitharaman. The difficulties, the Minister said, included WTO rules around the export of food by a country that had also procured food on a Minimum Support Price basis. “Countries like India, which can probably supply [food grains] are facing difficulties with WTO,” Ms. Sitharaman told reporters on Friday, April 22, 2022, the final full day of her visit to Washington DC for the World Bank/ International Monetary Fund (IMF) Spring Meetings. At the IMF Plenary meeting on Thursday, Ms. Okonjo-Iweala had said that the WTO was “looking at it [ food export issues] positively”, as per the Finance Minister, who expressed optimism that the issue could be resolved. “So these are kind of opportunities that we’re carving out of a challenging situation,” she said, pointing to the war having not just brought challenges to India, like having to deal with the global hike in commodity prices, but also opportunities. The opportunities she listed included the export of food grain – such as wheat – and the possibility of manufactured goods being exported to destinations for which supplies had become unreliable. India has reached out to more than twenty countries regarding exporting wheat, and is targeting a record 15 million tonnes of wheat for export this year, as per a Bloomberg report. India is expected to have a surplus this year, producing more than 111 million tonnes of the crop. Loyalists turn on Sri Lanka PM as protest pressure grows Sri Lanka’s beleaguered Prime Minister came under increased pressure to step down on Saturday, as staunch allies broke ranks and backed street protests calling for resignations over a worsening economic crisis. Media Minister Nalaka Godahewa announced his support for the thousands outside President Gotabaya Rajapaksa’s office who are demanding he and other members of his family relinquish power. Sri Lanka is suffering its most painful economic downturn since independence in 1948, with months of blackouts and acute shortages of food, fuel and other essentials. The crisis has sparked nationwide protests, with angry demonstrators camped outside Mr. Gotabaya Rajapaksa’s office for more than two weeks. Under pressure, the president dropped two of his brothers — Chamal and Basil — and nephew Namal from the cabinet this month, but protesters rejected the changes as cosmetic. Mr. Godahewa, previously a staunch Rajapaksa loyalist, said the President should sack his elder brother, Prime Minister Mahinda Rajapaksa — the head of the family — and allow an all-party interim government to take over. He said the government had lost its credibility after the police killing of a protester on Tuesday. Godahewa said he had offered his resignation but President Rajapaksa had not accepted it. “We need to restore political stability to successfully meet the economic crisis,” Godahewa said in a statement on his Facebook page. “The entire Cabinet, including the Prime Minister, should resign and (there should be) an interim Cabinet that can win the confidence of all.” Several other senior ruling party members, including Dullas Alahapperuma, a former Media Minister and Cabinet spokesman, have asked the premier to step down. “I urge the President to appoint a smaller Cabinet with a genuine consensus representing all parties in parliament for one year maximum,” Mr. Alahapperuma said Saturday. But the Prime Minister rejected their demands, insisting a majority of ruling party lawmakers still supported him. “A majority of MPs want me, there may be a few who want me to go,” Mr. Mahinda Rajapaksa told Neth FM radio. “People must be patient to overcome this crisis,” the 76-year-old added, rejecting calls for a unity Cabinet. “There cannot be any interim government without me as its Prime Minister.” In Brief Ukraine said it would make a fresh attempt to evacuate civilians from Mariupol, the devastated port city largely controlled by Russian forces, as hopes for a weekend truce during Orthodox Easter faded. The war enters its third month on Sunday with civilians continuing to pay a heavy price amid the ongoing fighting. “Today we will again try to evacuate women, children and the elderly,” Deputy Prime Minister Iryna Vereshchuk said on Telegram. “If everything happens as planned, we will start the evacuation around noon.” Evening Wrap will return tomorrow [logo] The Evening Wrap 23 APRIL 2022 [The Hindu logo] Welcome to the Evening Wrap newsletter, your guide to the day’s biggest stories with concise analysis from The Hindu. [[Arrow]Open in browser]( [[Mail icon]More newsletters]( Reliance calls off ₹24,731-crore deal with Future Retail Reliance Industries Ltd (RIL) has [called off a proposed transaction with Future Retail Ltd]( (FRL) following opposition from FRL’s secured creditors. In a filing with the stock exchanges, RIL said, “The Future Group companies comprising Future Retail Ltd (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.” “As per these results, the shareholders and unsecured creditors of FRL have voted in favour of the scheme. But the secured creditors of FRL have voted against the scheme,” the statement said. “In view thereof, the subject scheme of arrangement cannot be implemented,” it added. On August 29, 2020, Reliance had intimated to the stock exchanges about a scheme of arrangement for the transfer of retail and wholesale business and the logistics and warehousing business of Future Group to Reliance Retail Ventures Ltd (RRVL), its subsidiary, and Reliance Retail and Fashion Lifestyle Ltd (RRFLL), a wholly-owned subsidiary of RRVL for ₹24,731 crore. Amazon Inc., which had earlier invested in Future Coupons, had fiercely contested this deal and challenged it in the Supreme Court of India. It had also secured an injunction from Singapore Arbitration Tribunal. Hanuman Chalisa row | Rana couple arrested Lok Sabha MP from Amravati, [Navneet Rana and her MLA husband Ravi Rana were arrested]( on Sunday by Mumbai police for promoting enmity between different groups and doing acts prejudicial to maintenance of harmony. The couple had come to Mumbai after announcing that it will recite Hanuman Chalisa at Chief Minister Uddhav Thackeray’s residence Matoshri. Hundreds of Shiv Sena workers barged in to the society at Khar in Mumbai where the couple was residing, kicking off the dramatic events on Saturday. After arrest, the couple too filed a complaint against Mr. Thackeray, Sena leader Sanjay Raut and Anil Parab accusing them for holding them responsible if any harm is done to them. It claimed that the plan of attack on their house was hatched at Matoshri and Sena workers with weapons had come with an intention to cause harm while Mr. Raut and Mr. Parab provoked them all. However, the arrest of the couple might lead to further controversy as they both were seen hurling abuses at Chief Minister Uddhav Thackeray. [Amravati MP Navneet Rana and her MLA husband Ravi Rana were escorted out of their house by police on on April 23, 2022. ] “Do you think it is a game? Do not test Shiv Sena workers. If you challenge us with support from Bharatiya Janata Party (BJP), then be ready to get befitting reply,” said Sena Rajya Sabha Sanjay Raut. Mr. Raut rubbished the claims that such instances are being planned to create unrest in the State to implement President’s rule. “Do whatever you want, but do not expect us to remain calm if you challenge us to barge in to Matoshri,” he said. Ms. Rana, who was elected to Lok Sabha from Amravati constituency as an independent with support from the Congress and the NCP, has now sided with the BJP. Till Saturday afternoon, the Rana couple maintained that it will go to Matoshri and play Hanuman Chalisa no matter what. She has been given ‘Y’ category security. Sena workers from Friday night had gathered outside Matoshri claiming the house will be guarded by them if anyone tried to come inside. Mr. Thackeray on Friday night had come outside requesting workers to not get aggressive. As Sena continued its protest and a team of Mumbai police asked the couple to not create law and order problem, the MLA said that they both were going back to Amravati citing Prime Minister Narendra Modi’s scheduled visit to Maharashtra on Sunday as they did not want any unrest during the visit and do not want to cause any trouble to people. Mr. Rana claimed that devotees of Lord Rama and Hanuman will teach Thackeray a lesson. Ms. Rana said that she isn’t afraid of Mumbai police, but respects Mr. Modi and do not want any trouble during his visit. After the announcement, Mr. Parab said that the Sena workers will not budge until the couple apologises for creating unnecessary trouble to Mumbaikars. “We have filed a complaint against them for threatening and creating trouble. We will pursue the case until they are arrested,” he said. Meanwhile, Leader of Opposition and Bharatiya Janata Party (BJP) leader Devendra Fadnavis tweeted claiming law and order situation in the State is deteriorating. “Shiv Sena, the State government and the Home department have come together forming a corrupt alliance. They are trying to gain sympathy out of this. This is nothing but a childish way of handling things,” he said. WTO looking to resolve challenges for Indian food exports: Nirmala Sitharaman The World Trade Organisation (WTO) Director-General Ngozi Okonjo-Iweala is [looking into resolving WTO rules that are making it difficult for India to export food grains]( to meet shortages in other countries, caused by the Russia-Ukraine war, according to Finance Minister Nirmala Sitharaman. The difficulties, the Minister said, included WTO rules around the export of food by a country that had also procured food on a Minimum Support Price basis. “Countries like India, which can probably supply [food grains] are facing difficulties with WTO,” Ms. Sitharaman told reporters on Friday, April 22, 2022, the final full day of her visit to Washington DC for the World Bank/ International Monetary Fund (IMF) Spring Meetings. At the IMF Plenary meeting on Thursday, Ms. Okonjo-Iweala had said that the WTO was “looking at it [ food export issues] positively” , as per the Finance Minister, who expressed optimism that the issue could be resolved. “So these are kind of opportunities that we’re carving out of a challenging situation,” she said , pointing to the war having not just brought challenges to India, like having to deal with the global hike in commodity prices, but also opportunities. The opportunities she listed included the export of food grain – such as wheat – and the possibility of manufactured goods being exported to destinations for which supplies had become unreliable. India has reached out to more than twenty countries regarding exporting wheat, and is targeting a record 15 million tonnes of wheat for export this year, as per a Bloomberg report. India is expected to have a surplus this year, producing more than 111 million tonnes of the crop. Loyalists turn on Sri Lanka PM as protest pressure grows Sri Lanka’s beleaguered Prime Minister [came under increased pressure to step down]( on Saturday, as staunch allies broke ranks and backed street protests calling for resignations over a worsening economic crisis. Media Minister Nalaka Godahewa announced his support for the thousands outside President Gotabaya Rajapaksa’s office who are demanding he and other members of his family relinquish power. [Demonstrators shout slogans against Sri Lanka’s President Gotabaya Rajapaksa, near the Presidential Secretariat in Colombo on April 23, 2022. ] Sri Lanka is suffering its most painful economic downturn since independence in 1948, with months of blackouts and acute shortages of food, fuel and other essentials. The crisis has sparked nationwide protests, with angry demonstrators camped outside Mr. Gotabaya Rajapaksa’s office for more than two weeks. Under pressure, the president dropped two of his brothers — Chamal and Basil — and nephew Namal from the cabinet this month, but protesters rejected the changes as cosmetic. Mr. Godahewa, previously a staunch Rajapaksa loyalist, said the President should sack his elder brother, Prime Minister Mahinda Rajapaksa — the head of the family — and allow an all-party interim government to take over. He said the government had lost its credibility after the police killing of a protester on Tuesday. Godahewa said he had offered his resignation but President Rajapaksa had not accepted it. “We need to restore political stability to successfully meet the economic crisis,” Godahewa said in a statement on his Facebook page. “The entire Cabinet, including the Prime Minister, should resign and (there should be) an interim Cabinet that can win the confidence of all.” Several other senior ruling party members, including Dullas Alahapperuma, a former Media Minister and Cabinet spokesman, have asked the premier to step down. “I urge the President to appoint a smaller Cabinet with a genuine consensus representing all parties in parliament for one year maximum,” Mr. Alahapperuma said Saturday. But the Prime Minister rejected their demands, insisting a majority of ruling party lawmakers still supported him. “A majority of MPs want me, there may be a few who want me to go,” Mr. Mahinda Rajapaksa told Neth FM radio. “People must be patient to overcome this crisis,” the 76-year-old added, rejecting calls for a unity Cabinet. “There cannot be any interim government without me as its Prime Minister.” In Brief [Ukraine said it would make a fresh attempt to evacuate civilians from Mariupol]( the devastated port city largely controlled by Russian forces, as hopes for a weekend truce during Orthodox Easter faded. The war enters its third month on Sunday with civilians continuing to pay a heavy price amid the ongoing fighting.  “Today we will again try to evacuate women, children and the elderly,” Deputy Prime Minister Iryna Vereshchuk said on Telegram. “If everything happens as planned, we will start the evacuation around noon.” Evening Wrap will return tomorrow  Today’s Top Picks [[Man killed as battery of e-scooter explodes in Vijayawada, wife and children critical] Man killed as battery of e-scooter explodes in Vijayawada, wife and children critical]( [[IPL 2022, DC vs RR no-ball controversy | Amre suspended for a match; Pant, Thakur fined] IPL 2022, DC vs RR no-ball controversy | Amre suspended for a match; Pant, Thakur fined]( [[Tapestry at Kolkata’s Indian Museum gives voice to 354 survivors of violence] Tapestry at Kolkata’s Indian Museum gives voice to 354 survivors of violence]( [[‘Propagandist’ newspaper distributed on Shatabdi train, IRCTC initiates probe] ‘Propagandist’ newspaper distributed on Shatabdi train, IRCTC initiates probe]( Copyright @ 2021, THG PUBLISHING PVT LTD. 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