NCLT puts Future Retail shareholder meeting on hold

09 November 2021, Mumbai:

The National Company Law Tribunal (NCLT) on Monday temporarily put on hold Future Retail's (FRL's) shareholder meeting for its proposed sale of assets to Reliance Retail after US retailer Amazon objected to it. citing a Supreme Court order.

This means further delay for the cash-strapped Big Bazaar parent Future Group, which had announced the sale of its assets to Reliance Retail for Rs 24,700 crore. Subsequently, FRL on Monday filed a special leave petition before the Supreme Court urging it to put on hold the Singapore International Arbitration Centre's (SIAC) ruling that has stalled the deal, according to regulatory filings.

Initially, slated to be held on November 10 and 11, FRL's shareholder meeting was deferred to a later date this month after FRL approached the NCLT for the same. In September, the NCLT had allowed FRL to hold the meetings.

TOI

(The news article has not been edited by DFU Publications staff)

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