Future Retail Ltd., a unit of the Future Group (Amazon is protesting). (FRL) has held a meeting with shareholders regarding the sale of the company’s retail assets to Mukesh Ambani’s Reliance Industries. Now as per the direction of the National Company Law Tribunal (NCLT), the meeting of the lenders of FRL is to be held on Thursday.
What happened in Wednesday’s meeting: FRL said in a notice to the stock exchange, “As per the directions of the Mumbai Bench of NCLT, the meeting of the shareholders of FRL was held on April 20 through video conference.” Some questions on the deal during the meeting. Got up All the aspects were clarified before the shareholders in the meeting. The electronic voting process ended on Tuesday evening.
Let us inform that Shailesh Haribhakti presided over the meeting. The National Company Law Tribunal (NCLT) has appointed him to preside over the meeting. As per the information, the result of the poll will be announced at an appropriate time.
Amazon has protested: (Amazon is protesting)
Let us tell you that the giant e-commerce company Amazon is strongly opposing the organization of these meetings. It contends that the deal for sale of FRL to a Reliance Group company is in violation of the investment agreement with it. Amazon has been fighting a court battle over this issue.
Amazon last week lodged strong objections by writing a letter to FRL promoter Kishor Biyani and other promoters. It had said that the holding of these meetings is in contravention of the directions of the Arbitration Tribunal of Singapore on the issue. However, the FRL had rubbished the allegations, saying these meetings were being held in “compliance with the directions” issued by the NCLT on February 28, 2022.
Amazon is protesting: NCLT reaches Amazon against Reliance-Future deal
Amazon’s protest against the deal of about 25 thousand crore rupees between Future Group and Reliance Industries continues. E-commerce company Amazon has this time approached the National Company Law Tribunal (NCLT). The company has demanded to stop the meeting of shareholders of Future Group.
Demand to stop the meeting of shareholders (Amazon is protesting)
E-commerce giant Amazon told NCLT that the matter is currently in the Singapore International Orbitary Court (SIAC). Therefore, do not approve the meeting to approve the Reliance-Future deal. Apart from this, the company has asked Future Retail to refrain from taking any steps to pursue the deal with Reliance.
Deal yet to be approved by NCLT and shareholders
The deal between Reliance Industries and Future Group has been approved by the Competition Commission of India (CCI), SEBI and the exchange. It is yet to get approval from NCLT and shareholders.
Decision on transfer of business reserved with NCLT (Amazon is protesting)
Amazon had also submitted an application to the NCLT bench in Mumbai last week. In fact, under the deal, the order to transfer the retail and wholesale business of Future Group to Reliance Industries is reserved with NCLT. In August last year, a deal worth Rs 24,713 crore was signed between the two.
The American company appealed to the SIAC in October last year to stop the deal. According to Amazon, Future Group is breaking the contract between the two and is making a deal with Reliance.