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NCLT allows future group to convene shareholders meet on RIL deal

Mukesh Ambani led Reliance Industries (RIL) on Wednesday sou­ght permission from the Mumbai bench of the National Company Law Tribunal (NCLT) to hold a shareholders’ meeting to consider and approve the nearly INR 25,000 Cr deal signed last year between its subsidiary Reliance Retail and Future group.

According to a report, RIL owned Reliance Retail and Reliance Fashion have approached the NCLT seeking its permission to hold meetings of their shareholders and creditors to consider and approve the proposed merger with Future Group’s retail, logistics and warehousing business in an INR 24,713 Cr deal.

 The NCLT has today, in terms of the Supreme Court judgment dated February 15, 2022, passed an order allowing the company and other applicant companies to convene and conduct the meetings of its respective Shareholders and Creditors to seek their approval for the Scheme, said FRL.

The order was pronounced in the open court and a “written copy of the said order is awaited,” Kishore Biyani-led Future group firm said.

“The schedule of the meetings of Shareholders and Creditors will be intimated in due course of time,” it added. The ongoing legal tussle between Future Group and Amazon is over the sale of Future’s retail assets to Mukesh Ambani-led Reliance Industries Ltd. The proposed asset sale deal is worth ₹ 24,713 crores entered between Future and Reliance in August 2020.

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