NCLT allows Future Group to hold EGMs to sell r businesses to Reliance

The deal would consolidate Mukesh Ambani's position in the Indian retail industry, which is witnessing huge investments by multinational players like Amazon and Walmart in e-commerce space

Indian prime minister

The National Company Law Tribunal (NCLT) Mumbai has allowed the Future Group firms to hold meetings of its shareholders and creditors to seek approval for sale of assets to Reliance Retail Ltd. In an order on Tuesday, NCLT asked the company for a suitable date for the extraordinary general meeting of the shareholders and creditors to be held. Both Reliance and the Future Group had announced in August last year that Reliance Retail Ventures Limited (RRVL) will acquire the entire retail, wholesale, logistics and warehousing businesses from the ...