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Future group gets NCLT approval to convene shareholder, creditors meetings over RIL deal

The development comes almost three days after Reliance Industries Ltd took over the operations of at least 300 stores of Future Retail

February 28, 2022 / 10:50 PM IST
Representative image (Source: Reuters)

Representative image (Source: Reuters)

Future group companies have received go-ahead from the National Company Law Tribunal to convene and conduct the meetings of their respective shareholders and creditors to seek their approval for Rs 24,713 crore deal with Reliance Retail.

The development comes almost three days after Reliance Industries Ltd took over the operations of at least 300 stores of Future Retail and has offered jobs to its employees after the Kishore Biyani-led group failed to make lease payments to landlords.

Passing an order, the Mumbai bench of the NCLT allowed Future Retail Ltd (FRL) and other Future Group entities to convene their meeting for seeking approval for the deal. While, NCLT has also dismissed the application of the e-commerce major Amazon opposing the scheme of merger, said FRL in a regulatory update.

The NCLT has today, in terms of the Supreme Court judgment dated February 15, 2022, passed an order allowing the company and other applicant companies to convene and conduct the meetings of its respective Shareholders and Creditors to seek their approval for the Scheme, said FRL. The order was pronounced in the open court and a "written copy of the said order is awaited," Kishore Biyani-led Future group firm said.