RIL seek NCLT nod for shareholders meeting to approve Future Group deal
Earlier in April this year, Reliance Retail extended the timeline to complete the deal by six months till September 30, 2021. The Future-Reliance deal, which was announced on August 29, 2020, has already received clearance from regulators such as CCI, SEBI and the bourses. The scheme of arrangement is now awaiting nod from the NCLT and shareholders.
Though the Supreme Court has granted a go-ahead to the NCLT for its proceedings, it has asked the tribunal not to pass any final order sanctioning the scheme. Amazon and Future have been locked in a bitter legal tussle after the US ecommerce giant dragged Future Group to arbitration at the Singapore International Arbitration Centre (SIAC), arguing that the latter had violated their contract by entering into the deal with rival Reliance.
Amazon had invested in Future Coupons in August 2019 with an option of buying into the flagship Future Retail after a period of three to 10 years.
On October 25, 2020, an interim award was passed in favour of Amazon with the single-judge bench of V K Rajah barring Future Retail from taking any step to dispose of or encumber its assets or issuing any securities to secure any funding from a restricted party.