Supreme Court asks Future Group to move Delhi HC over NCLT proceedings

The Supreme Court on Tuesday asked the Future Group to approach the Delhi high court for a nod to go ahead with proceedings before the National Company Law Appellate Tribunal (NCLT) on the group's deal with Reliance.

The high court has listed for hearing on February 24 a batch of pleas concerning the ongoing legal tussle between US e-commerce major Amazon and Future Group over Future Retail Ltd's (FRL's) ₹24,731 crore merger deal with Reliance Retail.

The NCLT, has meanwhile, adjourned till February 25, the hearing on the plea of Amazon, seeking an interim stay over the order passed by fair trade regulator CCI, which suspended the over-two-year-old approval for its deal with Future Coupons Pvt Ltd (FCPL).

On February 1, the Supreme Court had set aside three high court orders, including the attachment of properties of Future Group and its directors and the refusal to grant a stay on the final arbitral award which had restrained FRL from going ahead with its deal with Reliance while ordering fresh adjudication.

Source: Hindustan Times