NCLT allows Future Group to hold EGMs to sell businesses to Reliance

The National Company Law Tribunal’s (NCLT’s) Mumbai Bench has allowed Future Group firms to hold extraordinary general meetings (EGMs) of their shareholders and creditors to seek approval for selling assets to Reliance Retail Ltd.

In an order on Tuesday, the NCLT asked the company to fix a suitable date for the meeting and gave its go ahead.

“The company is pleased to update the stock exchanges that the National Company Law Tribunal, Mumbai Bench, has passed an order allowing the company to hold meetings of its shareholders and creditors to seek approval for the scheme. The NCLT has further rejected the intervention application filed by Amazon,” Future Retail said in a statement.