NCLT allows Reliance Retail's shareholders to hold meetings for Future deal

The National Company Law Tribunal (NCLT) on Monday allowed Reliance Retail Ventures Ltd (RRVL) and Reliance Retail & Fashion Lifestyles Ltd (RRFLL) to hold extraordinary general meetings (EGMs) of their shareholders and creditors to acquire Future Group’s businesses.

The NCLT said the objections raised by American retail giant Amazon were premature and could be dealt with later.

On September 28, the NCLT had allowed six Future Group companies to hold meetings of their respective shareholders and creditors. Lawyers said the NCLT permission to hold the meeting was a preparatory step. The Supreme Court will take the final decision.

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