Alka Verma –
Published On: October 22, 2021 at 09:00 IST
Amazon, an American retail giant filed a Plea before the Supreme Court against an Order of National Company Law Tribunal (NCLT).
The Order of NCLT allowed the meeting of shareholders’ and creditors of the listed companies of Future Group’s for approving and clearing its proposed transaction with Reliance Retail Ventures. (Amazon flags Supreme Court ruling to SEBI in Future-Reliance Deal)
Amazon, through its Plea requested the Apex Court to quash the order of NCLT, Mumbai Bench which was passed on September, 28.
Also, Amazon has asked the Apex Court to stop the meetings of shareholders and creditors which is scheduled on 10th and 11th of November.
Amazon, in its Plea has also accused NCLT of violating the Apex Court’s guidelines in its order issued on September 28.
An Order was passed by the Supreme Court on September 9 which restrained NCLT as well as other statutory authorities to put a stay over the meetings of Future Group and Reliance Retail and Amazon in its Plea stated that NCLT violated this.
The Mumbai Bench of NCLT on September 28 had permitted Future Group to conduct an Extraordinary General Meetings (EGMs) for their shareholders and creditors regarding the deal of selling its assets to Reliance Retail.
Similarly, the NCLT on October 18 also permitted Reliance Retail Ventures to hold its creditors and shareholders meeting to discuss the deal.
Last year in August both the companies publicly announced that Reliance Venture is going to acquire all the businesses from Future in an exchange of Rs 24,713 crore but it was delayed because of the litigation by Amazon.
Also Read: Supreme Court rules in favour of Amazon against Future-Reliance Retail deal
Battle of the Titans: A Deep Dive into the Amazon Vs Future & Reliance Case