Future-Reliance Deal: SC allows FRL to approach Delhi HC on NCLT process
Feb 15, 2022
New Delhi [India], February 15 : The Supreme Court on Tuesday allowed Future Retail Ltd. (FRL) to approach the Delhi High Court with its plea to resume National Company Law Tribunal's (NCLT) proceedings regarding approval for its Rs 27,513-crore transaction with Reliance.
A bench of Chief Justice NV Ramana, Justices AS Bopanna and Hima Kohli asked the single bench of the Delhi High Court to pass appropriate orders as and when FRL files such an application.
Pronouncing the order, the bench noted that the proceedings before the NCLT are at stage 8 that is meeting shareholders and that there are altogether 15 stages for the final approval of the scheme.
The order of the apex court came on a plea of FRL seeking to proceed with securing the NCLT's approval for its Rs 27,513-crore transaction with Reliance Retail Ventures Ltd.
The apex court in September 2021 had asked regulatory authorities like the Competition Commission of India, the Securities and Exchange Board of India and NCLT to not pass any final orders on the transaction between Reliance Retail and Future Group entities.
Future Group and Amazon are embroiled in arbitration proceedings before a tribunal set up by the Singapore International Arbitration Centre over the issue of Future Retail Ltd entering into an asset sale deal with Reliance Industries.
