As reported by CNBC-TV18, the Mumbai Bench of the National Company Law Tribunal (NCLT) on October 18 allowed Reliance to go ahead with the approval of the creditors.
Allowing Reliance Retail Ventures Limited (RRVL), the NCLT termed the objections raised by Amazon as “premature”.
Reliance Retail, the retail arm of oil-to-telecom conglomerate Reliance Industries, had moved the NCLT seeking permission to go ahead with seeking creditors’ approval for restructuring companies in lieu of the proposed futures-retail deal.
Last month, on 28 September, NCLT Mumbai passed an order, inter alia, allowing Future Group to meet its shareholders and creditors for the purpose of obtaining approval for the sale of its assets to Reliance Retail Ltd. Was.
The NCLT rejected the intervention application filed by Amazon on the Reliance-Future deal and asked Future Group to propose a suitable date for holding the Extraordinary General Meeting (EGM) of shareholders and creditors.
Both Future Group and Reliance announced in August 2021 that Reliance Retail would acquire wholesale, retail, logistics and warehousing businesses from Kishore Biyani’s Future Group for Rs 24,713 crore.
After operating under national lockdown during the first wave of COVID-19 in the year 2020, Kishore Biyani went on to sell the assets of Future Group to RRVL.
After RRVL announced the acquisition of Future Group’s retail and wholesale assets and logistics and warehousing businesses, Amazon, which in December 2019 acquired a 49 per cent stake in Future Coupons, the promoter arm of Future Retail, said the deal went to Future. against its agreement with the Group.
Disclaimer:Network18 and TV18 – the companies that operate news18.com – are controlled by the Independent Media Trust, of which Reliance Industries is the sole beneficiary.
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