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NCLT raps Amazon in Future case: Don't be a 'perpetual objector'

Says it has no locus standi in Future's plea to hold shareholder meeting; reserves order

Topics
Amazon | Future Group Future Retail | National Company Law Tribunal

Subrata Kumar Panda  |  Mumbai 

Amazon
The Mumbai Bench of the NCLT asked both parties to file written submissions. The next hearing in the matter would be held on February 15

The (NCLT) on Friday told that it should not be a “perpetual objector” and the e-commerce giant had no locus standi in Future Group’s plea to hold a shareholder meeting, according to reports. The tribunal also reserved its orders on the matter regarding nod to Future Group to hold the shareholder meeting for consolidation of assets.

The Mumbai Bench of the asked both parties to file written submissions. The next hearing in the matter would be held on February 15.

Future Group had moved an application in the under Section 230-232 of the Act, 2013, seeking its approval to hold a shareholder meeting, but sought to intervene and also objected to it as related cases pertaining to the deal struck between the retail giant and were pending before the and the

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argued before the tribunal that the emergency arbitrator’s order barred from taking any step to dispose of assets. But, the observed that the Competition Commission of India (CCI) and the Securities and Exchange Board of India (Sebi) had approved the amalgamation deal of and after the arbitrator’s order.

Reliance group entities, too, have moved an application before the NCLT, seeking its go-ahead for the deal. In August 2020, Future Group had struck a $3.4-billion asset sale deal with

Amazon has already moved the challenging the order that stayed the implementation of status quo direction passed by a single-judge Bench.

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First Published: Sat, February 13 2021. 01:41 IST
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