Written by Rajesh Kurup
Future Enterprises has convened a shareholders’ meeting on April 20 and that of creditors on April 21 to seek their approval for the proposed Rs 24,713-crore deal with Reliance Industries (RIL).
This follows an order by the National Company Law Tribunal (NCLT) on February 29, following a February 15 Supreme Court order, that permitted Future Group companies to convene a shareholders’ and creditors’ meeting, Future Enterprises said in a regulatory filing on Monday.
Future Group had signed a deal in 2020 to sell its retail, logistics and warehousing businesses to Reliance Retail, a subsidiary of billionaire Mukesh Ambani-controlled RIL.
US e-commerce major Amazon had opposed the deal, citing a 2019 deal through which it acquired a 49% stake in Future Coupons, the promoter entity of Future Retail, for about Rs 1,500 crore. Amazon had alleged violation of certain terms in the deal signed in 2019.
