NCLT can issue directions to hold shareholders meet over RIL deal: Future Retail

Future Retail Ltd said the National Company Law Tribunal (NCLT) can issue directions to convene meetings of shareholders and creditors of applicant companies, including it, to consider the Rs 24,713-crore deal with Reliance Retail following an order by the Supreme Court. Earlier in the day, the apex court had allowed the NCLT , Mumbai to continue with the proceedings but asked not to pass a final order on the amalgamation of Future Retail Ltd (FRL) with Reliance Retail, as it agreed to hear Amazon’s plea against the Delhi High Court verdict that stayed a single judge directive to maintain status quo on the deal. The US-based e-commerce giant had moved the top court against the order of the high court division bench which paved the way for the Reliance-FRL deal. A bench comprising Justices R F Nariman and B R Gavai issued notices to FRL, Chairperson Kishore Biyani and others and sought their replies to the Amazon plea. The reply is to be filed in three weeks and a rejoinder to it two weeks thereafter, the bench said, adding that the appeal will be listed for hearing after five weeks. The Supreme Court has “further specifically ruled that the proceedings… Read full this story

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