India News | SC Permits FRL to Approach Delhi HC with Plea Related to Merger with Reliance Retail

New Delhi, Feb 15 (PTI) The Supreme Court on Tuesday granted liberty to Future Retail Ltd (FRL) to move the Delhi High Court for seeking nod to proceed with the National Company Law Tribunal (NCLT) permission of going ahead with the Rs 24,731 crore merger deal with Reliance Retail.

“We grant liberty to FRL to approach the Delhi High Court for seeking continuation of proceedings before the NCLT...We request the single judge (of the high court) to pass orders", a bench headed by Chief Justice N V Ramana said.

Also Read | Supreme Court Allows Future Retail To Move Delhi High Court To Seek Resumption of NCLT Proceedings Over Its Rs 27,513 Crore Transaction With Reliance Retail Ventures Ltd.

The bench, also comprising Justices A S Bopanna and Hima Kohli, said that the high court should consider the plea of FRL on the issue without being influenced by the observations made in its order.

The apex court on February 3 had reserved its order on the plea of FRL seeking continuation of the merger deal process before the NCLT.

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Prior to this, the apex court, in a verdict on February 1, had set aside three Delhi High Court orders including attachment of properties of FRL and its directors and the refusal to grant a stay on the final arbitral award which had restrained FRL from going ahead with its Rs 24,731 crore merger deal with Reliance Retail and had ordered fresh adjudication.

Amazon and the Future group have been engaged in a legal battle for over a year as the US major is opposing the merger of FRL with Reliance Retail.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)