Future gets NCLT nod to meet on sale of biz to RIL

The National Company Law Tribunal (NCLT) on Tuesday allowed Future Group companies to hold meetings of their shareholders and creditors to seek approval for the planned sale of assets to Reliance Retail Ventures Ltd.

A Mumbai bench of NCLT comprising Suchitra Kanuparthi and Chandra Bhan Singh also dismissed an intervention application filed by e-commerce company Amazon, listed Future group companies said in identical regulatory filings.

The NCLT dismissed Amazon’s application on the ground that it was premature, Press Trust of India reported, citing people it did not name.

The report cited NCLT as observing that no prejudice was caused in conducting these meetings since Amazon is still free to object when the final scheme is filed for NCLT approval.