Future-Reliance Deal: Supreme Court allows FRL to approach High Court on NCLT process

 

On Tuesday, the Apex Court allowed Future Retail Ltd. (FRL) to approach the High Court of Delhi 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 CJI NV Ramana, Justice AS Bopanna & Justice Hima Kohli asked the single bench of the Delhi High Court to pass appropriate orders as & 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 & that there are altogether fifteen stages for the final approval of the scheme.

The order of the Top 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 Supreme Court in Sept 2021 had asked regulatory authorities like the Competition Commission of India, the Securities & Exchange Board of India & NCLT to not pass any final orders on the transaction between Reliance Retail & Future Group entities.

Future Group & 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.

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