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Reliance obtains NCLT’s permission to seek creditor nods for proposed future retail transactions

CNBC-TV18 reported that the National Enterprise Court (NCLT) Mumbai Bench on October 18 allowed the Reliance to seek creditor nods.

After granting permission to Reliance Retail Ventures Limited (RRVL), NCLT set aside Amazon’s objections as “premature.”

Reliance Retail, the retail arm of Reliance Industries, a petroleum communications conglomerate, sought permission to move NCLT and seek creditor consent to reorganize the company in place of the proposed future retail deal.

Last month, on September 28, NCLT Mumbai passed an order permitting Future Group to meet with shareholders and creditors, among other things, with the aim of seeking approval to sell its assets to Reliance Retail Limited.

NCLT rejected Amazon’s application for intervention regarding the Reliance-Future Agreement and urged Future Group to propose a suitable date for holding an extraordinary general meeting of shareholders and creditors (EGM).

Future Group and Reliance announced in August 2021 that Reliance Retail will acquire the wholesale, retail, logistics and warehousing business from Kishore Biyani’s Future Group for Rs 24,713.

Kishore Biyani moved to sell Future Group’s assets to RRVL after the business suffered under a national blockade during the first wave of COVID-19 in 2020.

After RRVL announced the acquisition of Future Group’s retail and wholesale assets and logistics and warehousing businesses through a slump sale, Amazon acquired a 49% stake in Future Coupons, the promoter entity of Future Retail, in December 2019. I said it was established. Opposed to the agreement with the Future Group.

Disclaimer:network18 and TV18 – the company that operates news18.com – are managed by Reliance Industries’ sole beneficiary, Independent Media Trust.

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Reliance obtains NCLT’s permission to seek creditor nods for proposed future retail transactions

Source link Reliance obtains NCLT’s permission to seek creditor nods for proposed future retail transactions

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