NEW DELHI: The Supreme Court on Tuesday allowed Future Retail Ltd (FRL) to approach the Delhi High Court seeking a nod to resume proceedings before the National Company Law Tribunal (NCLT) on its merger with Reliance Group.
This comes after earlier this month the apex court had reserved orders on FRL’s plea on whether NCLT proceedings in connection with its deal with Reliance can continue and if it could be allowed to go ahead with the steps of the scheme.
The Supreme Court last week had also rejected US e-commerce giant’s request to file a written submission in the matter. Granting liberty to the Kishore Biyani-led Future Group to puruse NCLT proceedings before the high court, a bench led by Justice NV Ramana said the high court can grant appropriate orders uninfluenced by any observations of the Supreme Court.
Future and Amazon have been entangled in a tussle over the sale of Future’s retail assets to Mukesh Ambani-led Reliance Industries Ltd. The high court has listed for hearing on February 24 a batch of pleas concerning the ongoing tussle between Amazon and Future Group over Future Retail’s `24,731-cr merger deal with Reliance Retail. The deal is being opposed by Amazon which argues that FRL violated their contract.
NCLAT on Monday adjourned till Feb 25 the hearing on Amazon’s plea seeking a stay on the CCI’s order, which had suspended the 2019 approval for the company’s deal to acquire a 49% stake in Future Coupons Pvt Ltd (FCPL).