Future-Reliance Deal: Supreme Court Reserves Order On NCLT Process
Amazon opposed the request for allowing the NCLT proceedings on the Future-Reliance transaction to continue.
The Supreme Court on Thursday reserved its orders on Future Retail Ltd.’s plea seeking to proceed with securing the National Company Law Tribunal‘s approval for its Rs 27,513-crore transaction with Reliance Retail Ventures Ltd.
The top court in September last year had asked regulatory authorities like the Competition Commission of India, the Securities and Exchange Board of India and NCLT to not pass any final orders on the transaction between Reliance Retail and Future Group entities.
On Thursday, Future Retail told the court that the NCLT approval requires multiple steps which will take a few months and therefore the court should allow the process to continue.
Amazon.com NV Investment Holdings LLC opposed this, saying Future Retail had consented in September before the apex court that it'll not pursue regulatory authorities to pass any final orders.
The bench presided by Chief Justice of India Justice NV Ramana reserved its order.
NCLT Mumbai had allowed Future Retail to convene a meeting of its shareholders and creditors for consolidation of its entities, the first step in its ultimate sale to Reliance Retail. But in November, the tribunal ordered a temporary stay on the meeting of the shareholders after Future Retail requested a deferment of the scheduled meetings.