'NCLT' allows Future Group to seek stakeholders’ approval for Reliance Retail sale

30th September 2021, Mumbai:

The National Company Law Tribunal (NCLT) has permitted Kishore Biyani-led Future Group to seek approval for the sale of assets to Reliance Retail from creditors and stakeholders.

A Mumbai-based two-member NCLT bench comprising Suchitra Kanuparthi and Chandra Bhan Singh dismissed the application filed by e-commerce major Amazon opposing the scheme of merger of the Future group companies. The NCLT dismissed Amazon's application on the ground that it was premature, sources said.

Now, Future Group can obtain all preparatory approvals from shareholders and creditors. This will enable the group to save at least 6-9 months' time for the implementation of the scheme in the scenario of it winning the arbitration, the sources added. Reliance Retail Ventures announced plans to acquire the retail, wholesale, logistics, and warehousing business of Future Group in August last year.

The deal worth Rs 24,713 crore has been contested by Amazon, an investor in Future Coupons that in turn is a shareholder in Future Retail.

TOP 5:

1. Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

2. Consumers will determine growth of sustainable fashion e-comm in India

3. Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

4. Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

5. Nike strengthens retail presences with new store at DLF Mall of India,Noida

Return to homepage