Future Group moves NCLT for approval to hold shareholders meeting

Mumbai, February 12: Future Group has moved an application in the Mumbai bench of National Company Law Tribunal (NCLT) seeking the tribunal’s approval to hold its shareholders meeting on the scheme of amalgamation with Reliance group.

The application was moved under Sections 230–232 of the Companies Act, 2013.

E-commerce giant Amazon wanted to intervene and has objected to Future group’s application as related cases pertaining to the deal struck by the retail giant with Reliance group entities are pending in the Delhi High Court and the Supreme Court, the Business Standard reported.

Reliance group entities have also moved an application in the NCLT seeking approval to move ahead with the amalgamation deal with Future.

In August 2020, the Future group struck a $3.4-billion asset sale deal with Reliance Industries.

Earlier, the e-commerce giant had moved the Supreme Court challenging the Delhi High Court order which had stayed the implementation of status quo direction passed by single-judge of the High Court. The Delhi High Court had stayed its single-judge direction to Future Retail Ltd (FRL) and various statutory authorities to maintain the status quo with regard to the Rs 24,713-crore ($3.4 billion) deal with Reliance Retail in a setback for Amazon, which has challenged the transaction.

Future group has reportedly already filed a caveat petition before the Supreme Court requesting it be heard if any plea is filed by Amazon.

https://www.business-standard.com/article/companies/future-group-moves-nclt-for-approval-to-hold-shareholders-meeting-121021201176_1.html