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SC Allows Future Retail to Move Delhi HC, Seek Resumption of NCLT Proceedings

HC should decide the matter, without being influenced by any observations made in the top court order, the SC said

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SC Allows Future Retail to Move Delhi HC, Seek Resumption of NCLT Proceedings
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The Supreme Court on Tuesday, 15 February, allowed Future Retail to move Delhi High Court to seek permission for the continuation of the proceedings in the National Company Law Tribunal (NCLT) regarding the sanction for its Rs 27,513-crore transaction with Reliance Retail Ventures Ltd.

A bench headed by Chief Justice NV Ramana asked the high court to pass an appropriate order when an application is moved by Future Retail. The bench, also comprising Justices AS Bopanna and Hima Kohli, observed that the high court should decide the matter, without being influenced by any observations made in the top court order.

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The top court noted that the proceedings before the NCLT are at stage 8, meeting of shareholders, and that there are 15 stages for the final approval of the scheme.

The top court granted liberty to Future Retail to move the high court seeking continuation of proceedings before NCLT beyond Stage 8. "Approach the Delhi High Court", the bench told the Future's counsel.

The detailed copy of the judgment will be uploaded later in the day.

The top court had reserved orders on Future's plea on the issue of whether NCLT proceedings in connection with its deal with Reliance can be permitted to continue and could it be allowed to go ahead with the steps of the scheme.

(Published in arrangement with IANS)

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