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Mumbai10 hours ago
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The deal between Reliance Industries and Future Group has been cleared by Competition Commission of India (CCI), SEBI and the exchange. -File photo
Amazon’s opposition to the deal between Future Group and Reliance Industries is about 25 thousand crore rupees. E-commerce company Amazon has approached the National Company Law Tribunal (NCLT) this time. The company has sought to block the meeting of Future Group shareholders.
Demand to stop shareholders meeting
Amazon, the e-commerce sector giant, told NCLT that the matter is currently in the Singapore International Orbitry Court (SIAC). Therefore, do not approve the meeting of the approval of the Reliance-Future deal. Apart from this, the company has asked Future Retail to stop taking any steps to pursue the deal with Reliance.
Deal still gets approval from NCLT and shareholders
The deal between Reliance Industries and Future Group has been cleared by Competition Commission of India (CCI), SEBI and the exchange. It is yet to be approved by NCLT and shareholders.
Decision on transfer of business with NCLT Reserve
Amazon also submitted an application to the NCLT Bench in Mumbai last week. In fact, under the deal, the order of the transfer of Future Group’s retail and wholesale business to Reliance Industries is NCLT Pass Reserve. In August last year, there was a deal of Rs 24,713 crore between the two.
The US company appealed to SIAC in October last year to block the deal. According to Amazon, Future Group is signing a deal with Reliance, breaking the contract between the two.