Reliance-Future Retail Deal: The Supreme Court has stayed the merger deal of Future Retail with Reliance’s retail arm. The country’s largest court on Thursday restrained Future Retail from proceeding ahead of the November 23 hearing on the deal worth Rs 24,713 crore. A Supreme Court bench headed by Chief Justice RV Ramanna said the cross-petitions filed by Amazon and Future Retail will be heard on November 23 regarding the deal. Chief Justice Ramanna told the Council of Future Retail that the Supreme Court had passed a consent order on September 9 itself, under which no regulatory body would approve the deal without the Supreme Court’s approval.
PM Modi launched two special schemes of RBI; Retail investors will get increased returns and complaints will be resolved soon, know how this will happen
Amazon and Future Retail have filed cos-petitions
Both the companies have filed a petition against each other, which will be heard by the Supreme Court on November 23. Future Retail has filed a case against the decision of the Delhi High Court in which the High Court refused to stay the decision of the Singapore Tribunal. The Singapore Tribunal had restrained Future Retail from going ahead with the deal with Reliance.
Future-Reliance Deal: Future Group gets relief from Supreme Court, stays on the decision to confiscate group’s assets
On the other hand, Amazon has filed a petition against the order of the National Company Law Tribunal (NCLT). On September 28, the Mumbai Bench of the NCLT had asked Future Retail to convene a meeting of shareholders and creditors for approval of the deal. Amazon has filed a petition in the Supreme Court against this order, on which the court has sought a response from Future Retail.
Reliance-Future Retail Deal: Shareholders’ approval to the deal may be delayed, NCLT stays EGM convening
There will also be a hearing regarding the pledged shares
The Supreme Court has issued notices to Amazon and Future Retail on a petition filed by IDBI Trusteeship Services. IDBI Trusteeship has requested to de-freeze the shares of Future Retail pledged with them. Neeraj Kaul, Senior Council of Trusteeship, told that the Delhi High Court had attached the shares of Future Retail on March 18 and after that the Supreme Court had restrained the High Court from further hearing in the matter, then it was not able to access the shares. Is. The Chief Justice said that the trusteeship petition will also be heard on November 23. Meanwhile, Justice Hima Kohli, who was included in the bench, said that if her family has shares of Reliance Group companies, then if any party has any problem then she can withdraw. However, lawyers for both Amazon and Future said that they have no objection to it.
Get Business News ,, latest India News ,, and other breaking news on share market, investment scheme and much more on Business Khabar. Like us on Facebook, Follow us on Twitter for latest financial news and share market updates.
.