Companies

Future seeks NCLT nod for deal with RIL as Amazon files objection

Forum Gandhi Mumbai | Updated on February 12, 2021 Published on February 12, 2021

Amazon has filed an objection against the Future Retail-Reliance deal in the NCLT. This comes after Future Retail filed an application with NCLT seeking its approval to go through with the deal with Reliance.

The Mumbai Bench of NCLT has asked Future Retail and Amazon to file their final written submissions and responses to each others’ arguments.

The two-judge Bench has reserved the order for Monday in the matter of the petition filed by the Future Group for the de-merger of its assets, and the approval of the ₹24,731-crore slump sale of assets to the Mukesh Ambani-owned Reliance Industries. The Future Group reached an agreement to sell its retail, wholesale, logistics, and warehousing assets to Reliance in August.

According to the sources, on Friday, the Bench heard the petition filed by the lawyers appearing on behalf of the Future Group. The petition was mainly to hold a meeting seeking shareholders’ nod for the Future-Reliance deal. So far, CCI and SEBI have granted permission to the deal.

However, Amazon’s lawyers moved an objection in the court stating that the deal was unlawful. It sought to file an ‘interlocutory application’ in NCLT proceedings. The Bench noted that Amazon had no ‘locus standi’ objecting to Future Group plea to hold a shareholder meeting. “Don’t be a perpetual objector,” the Bench said.

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Published on February 12, 2021
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