The Delhi High Court said on Wednesday it could allow the National Company Law Tribunal (NCLT) to continue with its proceedings in Future Retail’s application seeking approval for the scheme of arrangements to sell its assets to Reliance Retail.
Justice C Hari Shankar observed that the Supreme Court had allowed proceedings to go on in the NCLT, but on a condition that the tribunal do not pass its final order till the apex court gives its verdict in the Amazon-Future Group dispute. “It was only when the Supreme Court finally sent the matter to this court that the Supreme Court has said this court will decide whether those proceedings will continue or not,” he said.
The Supreme Court had sent a bunch of cases on the Future-Amazon dispute back to the Delhi High Court and asked it to hear them fresh on merit. Justice Hari Shankar is hearing these cases after clubbing them together.
“Those (NCLT) proceedings continued (even) during the time the matter was before the Supreme Court. They did not stop at all,” the judge said.
He said there was no reason for the high court to discontinue the same arrangement.
“I can straight away pass that order and none of the arguments so far either by you (Amazon’s lawyer Gopal Subramanium) or (Future Retail’s lawyer) Mr (Harish) Salve really are required to me even to go into from passing that order,” Justice Hari Shankar said.
The cases will be heard next on April 5.
Amazon has challenged the Future Retail-Reliance Retail deal, citing the terms of its 2019 investment in a promoter firm or Future Retail. The American ecommerce firm claimed that the terms had given it the first right of refusal in any stake sale in Future Retail and also prevented the Indian company from entering into a deal with Reliance. Both sides had filed petitions and counter petitions at different legal forums.
