RIL-Future deal: NCLT can continue proceedings, but cannot pass final order, says SC

The Supreme Court on Monday allowed National Company Law Tribunal (NCLT) proceedings on a petition filed by Future Group to hold a shareholders’ meeting on a proposed ₹24,713-crore deal with Reliance Retail, but directed the Tribunal to not pass any “final order of sanction of the scheme” itself. A Bench led by Justice Rohinton Nariman also issued notice on a petition filed by e-commerce major, Amazon, to stay the operation of a Delhi High Court order of February 8, which revoked an earlier direction to Future Group to maintain ‘status quo’ on the sale of its retail assets to Reliance Industries.