NCLT allows Kishore Biyani-owned company to convene shareholders meet for deal with Reliance Retail

The Mumbai bench of the National Company Law Tribunal (NCLT) on Tuesday allowed Future Group’s application to convene meetings of its shareholders and creditors for approval of the ₹24,713-crore deal with Reliance Retail.

While allowing the application of the Kishore Biyani-owned group, the division bench presided by Suchitra Kanuparthi and Chandra Bhan Singh also refused the oral application of the Amazon counsel to stay the operation of the order for one week. In February, Amazon had approached the NCLT, objecting to Future Group’s petition that sought the latter’s approval to hold a shareholders’ meeting.