Amazon India approaches Supreme Court against NCLT order favoring FRL
21th October 2021, Mumbai:
Amazon has filed another petition in the Supreme Court to set aside a September order by the National Company Law Tribunal (NCLT) that had allowed Future Retail (FRL) to convene meetings of its shareholders and creditors seeking approval of its year-long proposal to sell its assets to Reliance Retail.
Amazon has accused the NCLT's September 28 order of violating its order passed on September 09 by the apex court that had directed statutory bodies such as the NCLT, Competition Commission of India (CCI) and Securities and Exchange Board of India (Sebi) to put on hold all proceedings regarding the Rs 25,000 crore proposed deal between Future Group and Reliance Retail.
Amazon is seeking a stay on the NCLT order as well asking the apex court to restrain the proposed meetings of shareholders and creditors of FRL scheduled to be held on November 10-11, 2021 for which the Indian retailer had issued notices on October 11, 2021.
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