Future Group gets NCLT approval for holding shareholders meeting in deal with Reliance Retail Ltd (RIL)

29th September 2021, Mumbai:

The National Company Law Tribunal (NCLT) on Tuesday gave a nod to Kishore Biyani-led Future Group firms to conduct meetings of its shareholders and creditors seeking a nod for the assets sales to RIL.

A Mumbai-based two-member NCLT bench comprising Suchitra Kanuparthi and Chandra Bhan Singh rejected the application filed by e-commerce major Amazon India contesting the scheme of merger of the Future group companies.

To put it in perspective Amazon had earlier filed an application contesting tooth & nail NCLT considering the scheme pending completion of its arbitration proceedings against (FRL) Future Retail.

The NCLT also observed that the Supreme Court (SC) had only restrained it from issuing the final order approving the scheme.

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