The Supreme Court on Monday allowed the National Company Law Tribunal (NCLT) to carry on the proceedings in connection with the proposed Rs 24,713 crore Future Group-Reliance Industries deal, Kishore Biyani-led firm said in a regulatory filing.
“The Hon’ble Supreme Court has further specifically ruled that the proceedings before NCLT will be allowed to go on but will not culminate in any final order of sanction of the scheme. Accordingly, the NCLT can now issue directions to convene the meetings of shareholders and creditors of the applicant companies including FRL to consider the Scheme,” the company said in a regulatory filing.
Amazon and Future have locked horns after the e-commerce giant took the Future Group to arbitration at SIAC, that the latter has violated the agreement, which barred it from dealing with RIL in any manner.
The hearing was held on Monday before Justices Rohinton Fali Nariman and B.R. Gavai in the matter of the special leave petition filed by Amazon before the Supreme Court.
The apex court on Monday “issued notice and set a schedule for filing of pleadings in the Special Leave Petition filed by Amazon.Com NV Investment Holdings LLC challenging the order dated 08th February, 2021 passed by the Division Bench of the Hon’ble Delhi High Court,” it added.
The division bench had stayed, till February 26, the order passed by the single judge of Delhi High Court, which, on February 2, had directed all parties including regulatory authorities to maintain status quo (i.e. to stop the proceedings in the Scheme of Arrangement pending before NCLT, Mumbai) till the pronouncement of reasoned order of the single judge.
Amazon had moved the Supreme Court against the Future-Reliance Retail deal. On February 8, the Delhi High Court had stayed the implementation of status quo ordered by a single-judge bench on the Rs 24,713-crore deal between Future Retail Ltd and Reliance. The e-commerce company has challenged this Delhi High Court Division Bench order, which stayed the implementation of the “status quo” on the deal.