Future Retail Ltd., a unit of Future Group. (FRL) has held a meeting with shareholders regarding the sale of the company’s retail assets to Mukesh Ambani’s Reliance Industries. Now as per the direction of the National Company Law Tribunal (NCLT), the meeting of the lenders of FRL is to be held on Thursday.
What happened in Wednesday’s meeting: FRL said in a notice to the stock exchanges, “As per the direction of the Mumbai Bench of NCLT, the meeting of shareholders of FRL was held on 20th April through video conference.” During the meeting, some questions were raised on the deal. All the aspects were clarified before the shareholders in the meeting. The electronic voting process ended on Tuesday evening.
Let us inform that Shailesh Haribhakti presided over the meeting. The National Company Law Tribunal (NCLT) has appointed him to preside over the meeting. As per the information, the result of the poll will be announced at an appropriate time.
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Amazon has protested: Let us tell you that the giant e-commerce company Amazon is strongly opposing the organization of these meetings. It contends that the deal for sale of FRL to a Reliance Group company is in violation of the investment agreement with it. Amazon has been fighting a court battle over this issue.
Amazon last week lodged strong objections by writing a letter to FRL promoter Kishor Biyani and other promoters. It had said that the holding of these meetings is in contravention of the directions of the Arbitration Tribunal of Singapore on the issue. However, the FRL had rubbished the allegations, saying that these meetings were being held in “compliance with the directions” issued by the NCLT on February 28, 2022.