Future-Reliance Deal: Supreme Court Reserves Order On NCLT Process
The Supreme Court on Thursday reserved its orders on Future Retail Ltd.'s plea seeking to proceed with securing the National Company Law Tribunal‘s approval for its Rs 27,513-crore transaction with Reliance Retail Ventures Ltd.
The top court in September last year had asked regulatory authorities like the Competition Commission of India, the Securities and Exchange Board of India and NCLT to not pass any final orders on the transaction between Reliance Retail and Future Group entities.
On Thursday, Future Retail told the court that the NCLT approval requires multiple steps which will take a few months and therefore the court should allow the process to continue.
Amazon.com NV Investment Holdings LLC opposed this, saying Future Retail had consented in September before the apex court that it'll not pursue regulatory authorities to pass any final orders.
The bench presided by Chief Justice of India Justice NV Ramana reserved its order.
NCLT Mumbai had allowed Future Retail to convene a meeting of its shareholders and creditors for consolidation of its entities, the first step in its ultimate sale to Reliance Retail. But in November, the tribunal ordered a temporary stay on the meeting of the shareholders after Future Retail requested a deferment of the scheduled meetings.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
