Lawstreet Journal

National Company Law Tribunal Puts Future Retails Shareholders Meeting on Hold

Lawstreet Journal 11 Nov 2021 12:51am

Image courtesy: Lawstreet Journal Business National Company Law Tribunal Puts Future Retails Shareholders Meeting on Hold

On Monday (November 9, 2021), NCLT put the Kishore Biryani-led Future Group firm Future Retail's meeting with shareholders on hold. The Future Retail Limited (FRL) approached NCLAT to reschedule the shareholders meeting which was previously to be held on 11 November, 2021 to 26 November, 2021.

The two groups have been engaged in a legal tussle since October 2020. Amazon has further approached courts objecting to a deal between Future Retail and Reliance Retail in 2019.

Amazon further wants to block the sale of Future Group's retail, wholesale and logistics business with Reliance Industries Limited for breaching the contract for Rs. 24,713 crores.

For now, NCLT has put the meeting of shareholders on hold till the next hearing. 

Earlier in September, the Tribunal allowed Future Group firms to hold meetings with their shareholders and creditors to seek approval for the sale of assets of Reliance Retail Limited. 

According to sources, the Mumbai based two member NCLT Bench comprising Suchitra Kanuparthi and Chandra Bhan Singh then dismissed Amazon's application for opposing the scheme of merger of Future group companies.    

Amazon further filed an application objecting NCLT considering the scheme pending completion of its arbitration against Future Retail. The tribunal however dismissed Amazon's application on the basis that it was premature. 

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Tagged: Reliance Industries Limited   Amazon   Future Group  
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