Wednesday, March 3, 2021

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No final order on Future Reliance deal
Supreme Court orders to NCLT

New Delhi: The Supreme Court on Monday directed NCLT not to give final directions on the merger of Mukesh Ambani-led Reliance Retail with Future Retail Limited (FRL). Amazon has filed a petition against the Delhi High Court’s decision to maintain the status quo on the agreement between the two companies. The Supreme Court agreed to hear the petition. US ecommerce giant Amazon has approached the Supreme Court over orders issued by a division bench of the High Court paving the way for a Reliancefuture deal.

The Supreme Court said that the NCLT (National Company Law Tribunal) orders should be stayed during the trial. Future Group has approached the tribunal for approval of a Rs 24,713 crore deal with Reliance. Harish Salve, counsel for Future Group, said the Supreme Court had issued orders extending the suspension orders of the NCLT for the past six weeks. The bench directed that the NCLT orders should continue but the final orders on the merger should be discontinued.

SC stops NCLT from approving Future-Reliance deal

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