NCLT allows Future Retail to convene shareholders’ meetings

01 March 2022, Mumbai:

The National Company Law Tribunal (NCLT) has allowed Future Retail to convene meetings of its shareholders and creditors to approve the sale of its retail assets to Reliance Retail.

The approval was granted exactly a year after FRL approached the NCLT in Mumbai seeking permission to hold these meetings to approve the Rs 24,000 crore transaction.

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Amazon has objected to the deal and the two parties have been slugging it out in various tribunals and courts in India as well as at an arbitration centre in Singapore since October 2020.

FRL lawyers have pleaded in the Supreme Court and the Delhi High Court that the company be allowed to complete the 15 step process required for the deal to go through.

The NCLT clearance marks the ninth step in the overall procedure, according to the company’s lawyers.

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*Figures mentioned in the above article have been sourced from TOI article.