Future sale: NCLT order put on hold

The Supr eme Cour t Mon - day asked the NCL T not to pass a final or der o n the amalgamation of Futu re Retail Ltd (FRL) with R eliance Retail as it agreed to hear Amazon's plea against the Delh i High Cour t v erdict staying its single judge directive to maintain status quo on the deal.

The US-b ased e-commerce giant has mo ved the top cour t against the order of the high co urt di vision bench which paved the way for the Reliance-FRL deal.

During the brief hearing, the apex court proposed to pass an or der to sta y th e proceedings before the National Company Law Tribunal (NCL T). T he Futur e group had moved the tribunal seeking regulatory approvals to the Rs 24,713 crore deal with Relicance.

Senior advocate Hari sh

Salve, appearing for the Future g roup, said ho wever that the top cour t's stay order will prolong the proceedings by the NCLT by at least six weeks.

Recording his submission, the benc h said, "T he NCLT proceedings will g o on b ut will not culmina te into an y fin al or der on amalgamation of FRL with Reliance." A benc h comprising Justices R F Nariman and B R Ga vai issued notices to FRL, Chair person Ki shore Biy ani and others an d sought their replies to the Amazon plea.

The reply is to b e filed in three weeks and a rejoinder to i t tw o w eeks there after, the bench said, adding that the appeal will be listed for hearing after five weeks.

The Delhi High C ourt on February 8 h ad sta yed its single judg e dir ection to FRL and various statutory authorities to maintain status quo on the mega deal.