The Mumbai bench of the National Company Law Tribunal (NCLT) approved Future Retail to hold a shareholder meeting to seek approval for its INR 247bn ($3.4bn) deal with Reliance. With this, sources said that the NCLT dismissed Amazon’s objection to the deal adding that Amazon’s plea was premature and that the Supreme Court had only restrained it from pronouncing the final order approving the scheme. The decision by the NCLT comes after Amazon won a Supreme Court ruling in early August to halt the $3.4bn deal claiming it violated pre-existing contracts.
Future Retail’s USD 5.6% 2025s were flat at 57.37.
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