Future Group companies will hold a meeting with their shareholders and creditors to get their approval for the Reliance deal. Earlier, the National Company Law Tribunal (NCLT) had allowed the group companies to conduct the meetings of its shareholders and creditors seeking their approval for the composite scheme of arrangement between Future and Reliance. This was after the top court in September 2021 asked regulatory authorities like NCLT, Competition Commission of India and Securities and Exchange Board of India to not pass any final order on the transaction, since the matter was pending from two years.
The meeting of the secured and unsecured creditors of these companies would be held on April 21st.
Meeting of secured creditors of other Future Group holding companies, including Acute Retail Infra, Basuti Sales and Trading, Brattle Foods, Chirag Operating Lease Co, Hare Krishna Operating Lease, Nice Texcot Trading & Agency and Nishta Mall Management, would be held on April 22. “The respective Applicant Companies shall send an addendum to the original notices to their respective shareholders, secured creditors and unsecured creditors not later than 20 March 2022…,” the NCLT order said.