Future Group gets NCLT nod to hold meetings for sale of assets to Reliance
In the order issued on September 28, the NCLT asked the Future Group to propose a suitable date to hold the extraordinary general meeting (EGM) of the shareholders and creditors to seek their approval for the sale of its assets to Reliance Retail for a consideration of Rs 24,713 crore.
September 28, 2021 / 08:00 PM IST
(File image: Future Group Chairman Kishore Biyani)
The Mumbai Bench of the National Company Law Tribunal (NCLT) on September 28 passed an order, inter-alia, allowing the Future Group permission to meet with its shareholders and creditors for the purpose of seeking approval for the sale of its assets to Reliance Retail Ltd.
The NCLT rejected the intervention application filed by Amazon on the Reliance-Future deal.
“The order was pronounced in open court today and a copy thereof is awaited,” the Future Group said in a statement.
In the order issued on September 28, the NCLT asked the Future Group to propose a suitable date to hold the extraordinary general meeting (EGM) of the shareholders and creditors.
Also read: How the Amazon, Future Retail saga unfolded in multiple courts
Both the Future Group and Reliance had announced in August 2021 that Reliance Retail Ventures Limited (RRVL) will acquire the wholesale, retail, logistics, and warehousing businesses from Kishore Biyani’s Future Group for Rs 24,713 crore.
Kishore Biyani moved to sell Future Group’s assets to Reliance Retail after operations suffered under the national lockdown during the first wave of COVID-19 in the year 2020.
After Reliance Retail announced the acquisition of Future Group’s retail and wholesale assets and the logistics and warehousing businesses by way of a slump sale, Amazon, which had acquired a 49 percent stake in Future Retail’s promoter entity Future Coupons in December 2019, said the deal went against its agreement with the Future Group.Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.