You are here: Home » Companies » News
Business Standard

Amazon moves Supreme Court against Future Group shareholders' meet

Amazon has sought the top court's direction to set aside the NCLT order that allowed Future Group firms to hold EGMs for Reliance Retail deal

Amazon | Supreme Court | Future Group

Dev Chatterjee  |  Mumbai 

Amazon, which holds 50 per cent in a holding company of Future Retail, moved an arbitration court in Singapore.

American retail giant has moved the Supreme Court, appealing against a National Company Law Tribunal (NCLT) order that had allowed the Future Group’s listed to hold shareholders' and creditors' meetings to clear its proposed transaction with Ventures.

In its application, has urged the to pass an order to set aside the September 28 order of the NCLT, Mumbai Bench, pending disposal of the case by the top court.

On September 28, the NCLT Mumbai Bench had allowed firms to hold extraordinary general meetings (EGMs) of their shareholders and creditors to seek approval for selling assets to Following the order, has scheduled its shareholders/creditors meetings from November 10 onwards.

On October 18, the NCLT had also allowed Ventures to hold its creditors and shareholders meeting to acquire Future Group’s businesses.

Both Reliance and had announced in August last year that Reliance Retail Ventures would acquire the entire retail, wholesale, logistics, and warehousing businesses from Future as a going concern for Rs 24,713 crore. But the transaction was delayed due to litigation by

Amazon, which holds 50 per cent in a holding company of Future Retail, moved an arbitration court in Singapore, saying the deal would convert into a shell company while the businesses would be hived off and sold to its arch rival Reliance Retail. The matter is currently pending in the and at the Singapore arbitration centre.

While both Amazon and Future were litigating, the financial metrics of Future Group have deteriorated. All Future Group have reported massive losses, a fall in sales, and a substantial rise in debt in FY21 as compared to the previous financial year.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, October 21 2021. 23:50 IST